Question?, page-8

I agree. Get the house in order first, then build a buffer.
I favour share buybacks in time, especially if bought from cash reserves at times of lower SP .
The purchase of shares almost always builds SH wealth and greater per share values. Way better that than a .00001c per share dividend.
Share consolidation rarely favours the SH and almost always reduces the value per share for some considerable time.
A IMHO.