So one would have to be asking the question will SWM be looking...

So one would have to be asking the question will SWM be looking to do an on market buy back of shares possibly up to 20c per share?

Back in 2018 SWM bought back just under 100m shares when the the stock was trading in the 60/70c range. A cost of $60m plus.

With the top 20 controlling around 86% of the 1.538B shares that equates to approximately 1.32B shares which leaves around 216m shares outside of the top 20.

If SWM buys back 100m shares up to 20c that will take around $12/15m in cash IMO

Would this be better than paying down debt or making an acquisition?

IMO it would as this would tighten up the register and allow the company to do a placement at higher levels if funds were required in say 12 months plus.

Considering the market cap is only $97m with cash at bank of around 10c per share plus the Bauer cash coming in in May.

I am sure the board would be discussing this initiative.