Hey Dude,We are talking about surplus cash here sitting idle...

Hey Dude,
We are talking about surplus cash here sitting idle doing FA for long time, you would safely assumed the new JV partner(s) will come on board with fistful of dollars jointly fund SDV venture until production.
As I mentioned before, no point having a multi million dollar stallion wondering at the back paddy with no stud duty.
You look at how cunning and savvy Murdoch runs Newscorp, paying half yearly 3 cents divi for donkeys years.
Why he bother to pay a small divi instead of using the fund for other use, one of their strategy is ensure the stock is appealing to wider investors and part of prudent capital management.
Shares buy back is not waste of money, it is simply no brainer not to buy back your own share on the cheap (current rock bottom price) where you have the capacityto do so, and will enhance better value in the future.
GXY will need to appeal to all investors -- long, half long. short and half short and all in betweens.
Ask Scomo how he won the election - appealing to everyone
Ask Shorten how he lost the unloseable election - alienate some section of the community.
The notion that you need to use every penny to develope your business and not using part of your money to safe guard and protect your enterprise value is simply too conservative and lack savviness, obviously prudent management and sound judgement is required.
Good leader not only requires smart execution of the strategy set out by the board but will also need the savviness and know how to play the market to benefit your shareholders.
Boring, old fashion, one tracked blinkered operator will not survive or successful in today complex market conditions, you have to use all the playbooks available to get ahead of the game.
AT is the testament to that - luck is important but you can't really rely the success purely based on luck, be proactive and savvy - doing nothing is not an option.