Buying back shares would be the absolute dumbest thing they could do right now aside from issuing a dividend to commons or dropping a bomb on Twangiza. Do you own a number on a roulette wheel or a slice of an operating company? If it's the latter then who cares what the price is - that will work itself out. They have $300M in debt and you want to spend $20M to temporarily bump the price?
I don't think a lot of people on this board fully comprehended the risk on the balance sheet and in operations. With Namoya now commercial they need to stack as much cash as possible to clean up the balance sheet and be in a better position to refinance when the time comes for those negotiations, 14 months...
If it gets delisted then they will trade OTC. If they choose to remove themselves from US exchanges then it will all be TSX. Or maybe they do a reverse split. Either way, does the market cap change in any of the above situations? No, it doesn't. What will move the market cap in our favor is them plowing free cash flow into paying off debt. They have the chance to generate enough EBITDA to pay off all debt aside from bond before the bond is due. And being that their annual EBITDA will be about as much as the principal on the bond, they will be on solid footing when they request to roll the bond for another 5-10 years.
Whip it real hard. Whip it whip it real hard.
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