I want to see John Barry step up and buy 1,000,000 shares. Or at least put a limit buy order in at 8.20 for 1,000,000 shares. 23m in pay per year, I think he can afford to own another 1,000,000 shares at 8.20.
Maybe you need to listen to the CC (it's really long).
Here's the high-level summary regarding buy-back: 1) There are legal restrictions that prevent them from doing this. You should be expecting a letter soon, but until that is done, they cannot buy-back anything.
2) Barry noted that many companies say they plan a buy-back in place, but only about 10% actually do it.
3) A buy-back needs to be looked as an investment. What is the best use of the money at the time? You also need to consider the near future; you don't want to be caught in a situation where one of your lenders demands payment. (Think how it would look if PSEC had to do an offering below $8?)
The real take home from the CC is that PSEC is looking toward the next 5, 10 and 15 years. Barry's advice: Forget about watching the daily pps. Barry did say that they would do everything within their power to continue the dividend and perserve the NAV.
You cannot ask for more than that.
P.S. To those that do not like the mgmt, I suggest you buy a different stock.