RE:What to do with all the cash?In general, there are a couple of things management can do with its 'excess cash' (i.e. cash available beyond what the company needs to perform its daily operations.). It could distribute this via a ''super/one off dividend'', commence with regular, be it quarterly or (semi) annual dividends, and/or purchase back shares. Having been an investor for several years, it seems purchasing back shares is more in line with what they would be comfortable with. It makes sense, as it gives them more flexibility than dividends. Although, personally, I'd rather see them implement dividends as it provides a more direct pay out to shareholders and should boost, rather than reduce, stock liquidity as some of the shares bought back by management are cancelled. Another benefit of dividends are that it will attract more investors to invest in MCR. With a low annual dividend pay out of C$0.10 per share at current price yields 2.6% and ''only'' costs the company a little over C$3 million. They could easily increase this by 50% and provide a nice incentive for people to buy more in this stock. I don't think management is thinking along these lines, in part because they're very prudent, which in their defense, massively helped this company survive through the downturn. I'm still of the opinion that dividends would help tremendously. Even in downturns, because of the company's low debt levels, it could sustain its dividends by issuing a small amount of debt (if needed) which actually would optimise the company's capital structure as so little is held as debt. (especially now, when the cost of debt is so much lower than equity) This would help boost shareholder value. Another plus of the dividends is that management owns a third of the shares. If they were to desire, they could re-invest part or all of those back in the business, therefore effectively lowering the cost of dividends to the business. Alternatives to deploy excess cash are M&A, acquisitions and/or (hostile) take overs. None of which I would rate likely to happen. Although, they've done small acquisitions in the distant past. I don't find them likely considering their small market cap size and limited resources (relative to other firms). Perhaps an investment or a small stake yes, but I rather see them use capital to pay out dividends as it's far less risky and the fact that they could just as easily engage in joint ventures with bigger firms to give them more clout when bidding on bigger contracts. This has proven very successful in the past and more likely. Another way they could deploy their excess cash would be to plough more into promoting the company. This is something they've started by employing an IR firm and they are doing more presentations now, two in November of which one in New York, which is a plus. They could increase those, and the scale of them, and do more roadshows to promote the company. What the company is likely to do though, is continue with its share buyback, maybe buy a bit more if the price drops below the exercise price of their stock options, and do bit more promoting of its stock. I doubt they will really do anything with its cash like dividends or acquisition(s)/stake(s). The management I feel is not concerned about maximising shareholder value, but more on the continuity of its business. Which in part I agree with. Where I start to disagree is the fact that they've so much resources now, they can't realistically re-invest it all their business. There's just too much cash so they ought to do something to increase and reward shareholders. Keeping it in cash is in my opinion unacceptable. Normally, an activist may jump in and 'force' management to do something, but that's not really possible given the low liquidity of its stock. Also, seeing how the CEO is on the Board of Directors it'll be hard to really push through any change related to corporate governance. For example, how remuneration is set for its senior management. Ideally, this would be linked to factors such as earnings per share, return on capital employed (i.e. how effectively are they using their assets, what return is generated on them, etc.) and total shareholder return (share price appreciation and dividends). But, as mentioned, very unlikely to happen. Anyways, just my C$ 2 cents.