I should add, sure if we had cash sitting around and no use...

I should add, sure if we had cash sitting around and no use planned for it, it would be silly not to consider a buyback. On the other hand, he has clearly said he needs to see what the Ph3's are going to cost before considering other uses of capital. At the upper end of guidance i.e. $100M US each, our current and future cashflow will be stretched to meet the needs of the 2 currently planned Ph3's, especially with any blow out in costs (see what Acadia spent on Retts Ph3 v planned for instance). It is just prudent management to retain the cash, and necessary in the event a suitable takeover offer does not arrive prior.

People need to chill. And if you need the cash soon then you shouldn't be punting it on speculative equities in the first place. These are long term gigs. Not to say I am not frustrated myself atm, or expected a much much higher shareprice here but it is what it is. I felt the same when NEU went from mid $3 to $1.