Ann: Response to media speculation, page-28

@croasian & @madamswer

I, as a shareholder, feel very comfortable with the cash balance, for all the reasons outlined by @madamswer. I also agree that the most valuable asset in this sector, is that which exists between the ears of the employees, and so acquisitions are unlikely to deliver something that MND cannot create itself more effectively, once again as @madamswer says.

That said, in agreement with @croasian, it's hard to argue, given the magnitude of the cash balance, that using a portion for aggressive repurchases during the depths of the bust, would not have beem highly beneficial.

On the other hand, I acknowledge that I'm saying this with the benefit of hindsight, and that no one, at the time (not even management) knew how deep the bust would run, or how much it would bite.

If the bust had run deeper, the business holding the most cash might have outlived the competition. This then would have been of more value than a share buy back.

So I'm not sure.