Virgil,There has been lots of discussion on divies vs share...

Virgil,
There has been lots of discussion on divies vs share buybacks vs using the cash to grow P Hill vs using the cash to set up JV's vs using the cash to divesify from being a one trick pony.

Any divie will be unfranked.

I am in the camp of a share buyback. My reasons for this are

1. reduces the number of shares that are being traded
2. based on my calcs, it is eps accretive
3. personally I am looking for share price apprciation before divies.

HT1