Simple math analysis of divy vs. shares buyback

390M shares at .02/sh dividend = 7.8M

7.8M used to buy back shares at .6 = 13M shares bought back

Current OS is 390K x .6/sh = Market cap of 234M

234M market cap / Post buyback OS total of 377M= Share price of .62

Therefore, the divy causes the company to have $7.8M less in cash and likely no share appreciation (post divy probably share depreciation due to less cash value). On the other hand, buying the shares back, still causes the same expenditure, but by lowering the float, in theory should increase the value of the remaining shares by the same .02. Not to mention, that will eventually help by creating bigger impact on news, due to fewer shares available for trading.

I say no divy. I'd like the see the company continue to buy shares back as much as possible. Get the float under 300M shares.