Resignations, page-26

Why liquidate a healthy, growing, and undervalued business?

Mgmt is exceptionally strong and aligned. Good for us that they are focusing on the business rather than financial gimmickry.

Given the growth and undervaluation, it's just a matter of time until the stock will re-rate. Eventually, Shine will become too cheap for institutional capital to ignore.

But yeah - allocating some cash to buybacks would make a lot of sense, as it would leverage future earnings per share (and dividends per share). Who cares about a reduced float - the stock is illiquid anyways. Better to accelerate growth of earnings power per share.