RE:Plain and Simple What about the plain and simple answer that they don't have the cash flow for $17 million dividend payments and $40 million NCIB at the same time?
Think about it, they just lost $50-60 million in EBITDA from the Pipestone sale, still having to service the CB, sitting on a bunch of ALA shares that just have gone ex div, no dividend from LCFS ...
The plain and simple explanation might be that they see more shareholder value being created by buying back shares rather than paying dividends.