Ann: Response to media speculation, page-36

No one knew the bottom was in and still we don't know.
The financial performance of the business is still muted isn't it, just a rising shareprice/expectations.
You could have picked any company, S32, CDD, WOR and seen similar gains based on only a recovery in sentiment.
Still @madamswer and @MarsC knew it was cheap I reckon the board knew it too and a reduced cash position would have been conservative enough. That's a value judgement though not a matter of truth.
The growth of the company can only be seen in the context of a supportive macro environment and a driven management team.
I don't think they have an infinite capacity to create goodwill @madamswer though that would be ideal. There's a real cost to shareholders of overleveraged companies but also those sitting around with large net cash positions.
That sort of thing encourages them to do something stupid.
I would suggest judging any potential acquisition on its merits with a healthy skepticism to challenge the boards opinions. Notwithstanding the fact that yeah this is a well managed company no need to roll the board yet.
GLTA.