Special dividendIf they can get the buy back going and special dividend of say $.10 in December would be great. The total cost of such a dividend would be around $47 million, that is extremely plausible. What a Special dividend would do besides the obvious, it would goose the annual yield. It would also represent a non-binding continuos event. They can keep the SA divy low but benefit from having a higher annualized yield.
say they retire 5% outstanding at $2 USD. (20 Mil shares for $40 million)
So 470 Mil becomes Around 450
450 million shares @ $.10 special divy ($45 Milion)
Annual divy becomes $.05 regular plus $.10 special
$.15 / $2 PS is 7.5 % yield
Say average yield in the industry is 5%, the share price would in theory appreciate to $3