- I don't believe anyone said Share buy back and consolidation...

- I don't believe anyone said Share buy back and consolidation were similar...
- TER have advised themselves that they are keeping capital for future investments and/or divvies should coal prices fluctuate. So yes a "just in case fund is prudent" according to the board and most of us in your opinion ignorant shareholders for the most part hold the same view.
- South African mining operations are generating profits for Terracom. Investing more money into assets with a government that is not as restrictive to coal as Australia now is a (complete ban almost on any new coal mines) = potential investment opportunity. Is it the best one. Not sure, but it is an option none the less for Danny who is significantly more experienced than us mere investors can contemplate on.
- SBB is a short term way of artificially inflating the share price. We've all seen the high swings and lows of Terracom recently. This comes into my previous point of opportunists buying back in lower. If the share price inflates say 10% by a SBB. What is to stop a downward trend of which we have all seen many times recently as soon as someone takes a big sell and the share price tanks by spooked investors. Prime opportunity to buy back in at a bargain price.
- Also SBB for a company with only one owned operational asset with a short mine life left. Probably not in anyone's interests at this point...

Onwards and upwards ignoramuses!