The cash is circa 19p a share. But it's a small co, with some ongoing charges and no actual investments have been found for the cash for some months. As a shareholder you don't want the co to rush or buy something expensive. But equally you don't want to be incurring the costs of management without any additional income.
But the shares trade at 14p and the co has announced a buy back of 20% of the share capital.
Assuming that the buy back is at an average of 15p. That gives a 4p surplus to the remaining 80% So at the end each share is now worth 20p cash and can be bought today at 14p. That's a 6p surplus so an MoS of circa 40%. Which seems OK to me. So I have added. Avg in now 14.15p