I agree. They can easily issue some shares as long as they keep growing at higher percentage. We will see better valuation as the company gets more known and listing on Amex/Sthlm will do the rest.The idea of repurchasing stock when you desperately need money for expansion is totally wrong.
I agree that dilution is not the main issue. And I believe the growth story is really there.
There are more pressing issues, like
1) attracting institutional buyers 2) spinning off those subsidiaries 3) get that uplisting
The share price could triple in a matter of weeks/months, even now. If you take a look at the chart, that is a possibility.
The most important thing is that management should be aware of how their investor base feels about this. That awareness is there IMO. So there really isn't a whole lot for us to do here except sit back and enjoy the ride.