Thor Explor Share Price (THX)

For the record, I'm definitely not in favour of a Special Dividend as firstly, it's not leveraged, ie it's a one-off payment that has no effect on all future payments, and secondly, it would probably simply result in a p-for-p reduction in the share price - as tends to happen with most ex-dividend share price movements.

The point is they don't have the cash, yet, to go on a significant buyback spree or wake the market up with a mega attention grabbing Special Dividend because near term focus is on taking out the large Project Loan. They will have in three-six months from now and so we can be sure that something like that will take place later in 2024 if the share price hasn't righted itself.

Segun holds a lot of stock, he has every incentive to maximise shareholder returns.

There are not only opportunities but dangers associated with a lacklustre share price (eg low-ball bids) and a million quid could well double it. Added to which it's probably the best investment that the company could make at present, imho, in terms of cumulative future returns to shareholders.

Anyway, I'm not bothered; one way or another, value will out in due course. (Also, they may not currently have a mandate for share buybacks - I simply don't know.)

I agree but why the rush? The focus for the first half of 2024 is on aggressive debt reduction, that's why cash as of the end of March was low and even with mega profits in Q2 will probably still be fairly low.

After that there's no way Segun just sits on $25m cash per quarter if the SP is still so deflated so give it another 3 months or so and I'm sure action will be taken if the market hasn't corrected by itself...

Personally, if my company was trading on a p/e of 1, I'd buy back as many shares as I could to even further enhance the value of the remaining shares, for whatever dividends, special dividends, placements, or whatever the company may wish to do in the future.

This would also send a clear message and give all investors confidence that their investment was underpinned and not at the vagueries/mercy of a short-sighted market; Segun already believes that THX shares are extremely undervalued at present, hence he keeps mentioning the $300m free cash flow over the next three years.

Such a move would also have the benefit of allowing any weak/stale holders to be cleared out of the way, hence allowing the share price to progress.

I know that the company would probably not be able to buy a huge number of shares at current price levels without significantly pushing up the share price, but presumably that would also be what current shareholders would wish to see happen!

(Just to illustrate the point, albeit theoretically, if they bought back half the shares at current prices this year from free cash flow, it would double the value of ALL future revenues, dividends, etc.)