Sure, I agree. Once we pay off the loan and have cash to deploy...

Sure, I agree. Once we pay off the loan and have cash to deploy we should not be at $1.5 BUT we may well be. As it stands we should not be at $1.45 or $1.2 as of last week.

That being said. If we are not able to buy back many shares on the way to $3 they why do you even care?
I personally think we could get 20 million plus shares to $3. There are loads that will off load making anywhere from 100% to 1000% profit.

Every share we buy back at half it's value or more than half its value is MEANINGFUL. If you cant see that, then I do not know how to make it more simple.

I am encouraging a dividend after we are above $3

Remember we specifically voted for and passed a greater than 10% buy back in one calendar year. So over 25,7 million shares.

Ross, has said, "he thinks there are too many shares on issue"

Finally. If we had got a USD $50m Thai bank loan and zero capital raise, we would still be at 221m shares be paying down that loan instead of giving a dividend. So the buy back is EXACTLY the same as a loan repayment except one only knows the price after all the shares are bought back and an average is worked out.

Conversations over.