RE:What if...They would likely raise the dividend, significantly. Eckert appears to have a very good track record of not throwing away money. The NCIB also stops making sense above a certain stock price, but if this company is going to generate $3/share in annual free cash flow, then I don't mind them buying stock at $19/share!
It would be monumentally stupid to calling off the debentures right now. The total interest expense between now and May 31, 2021 is $5 million vs. the $10.7 million prepayment penalty if they called it out today. The only real restriction is the $20 million ceiling on buybacks and dividends and at the slow rate they are buying back stock, they should hit their $5 million target sometime in March depending on the stock price.
Sit tight, if they keep doing what they did last quarter, the stock will rise much more than what you have seen since the COVID-19 disaster.