Ah well you've hit the nail on the head I think. Liquidity. Still 60% owned by the directors and, somewhat ironically, if they were to sell down to increase liquidity it would be a sign of no-confidence in the company.
Happy to stick with it for the moment, maybe there'll be a CR at some point in the future to pay for expansion, pay down debt or whatever.
Ann: Dividend Policy Update, page-24
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