RE:RE:RE:Debentures
Company at that time will have roughly $90 million cash after redemption.
The current NCIB hit the cap and the last buyback share was February 12, 2021.
The top three shareholders will call the shots here.
Two paths to returning capital: Hike the dividend significantly (say to $0.25/share/quarter), or do a substantial issuer bid to allow the top three to cash out their holdings. I don't think the NCIB approach is viable for too much longer, there is just no liquidity.
Another obvious route is just proposing an insider buyout at a mild premium for the minority of shares (about 6 million) not already owned by the big three, but I don't know why they haven't done that already if they were going to do so.
Goldentree sold off a few shares here and there, but probably figured out the open market doesn't support anything of size. They never even renewed their 45-102 to reserve the right after January.