However, at thier current rate of free cash flow , assuming that they do not retire the shares that they buy back, but keep them in an account seperate from the float, they could possibly pull it off within their fiscal '06, and EASILY within the next 5 quarters.
Hell, if this goes on for a few years or so, Shaw will be able to take the company private, and as such DICTATE what the shorts will have pay to settle thier accounts by setting the buyout price.
Current Market Cap = $837 million Current Cash & Investments = $312 million Cash generation per quarter = .55 cents per share or $31,350,000 (.55 x 57 million shares)
$312 M + 31.35 M + 31.35 M = $374.7 Million or 45% of the current market capitalization.
The cash generation per quarter is based on past cash quarter generation, however, using the increased expectations cash flow per quarter could be more like $35 - $40 million, thus getting the percentage cash to market cap closer to 47 or 48% of total market cap in two quarters.
This assumes no increase in market cap and no share repurchases. The share repurchase could in the end reduce market capitalization if the share price does not rise. One interesting to think about.