Hi Puck,
I think you have a decimal point out with your 65 cents per share. A $100m dividend with 1.579 billion shares on issue = 6.33 cents per share. Alternatively, $100m directed to a share buy-back at current prices (let's say average of $0.50 per share for easy math) would buy back 200 million shares (12.67% of shares on issue), dropping the issued shares down to circa 1.379 billion.
Personally as a long term holder I would prefer the latter alternative.
Up or Down ??, page-4231
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