time to check the crystal ball, page-18

G'day Orion,

Re Dividends. One of the very attractive things about this company is it's very low requirement for additional capital. The lead product is now fully developed (at a total cost well less than $20m) and the major expense now is marketing. Even marketing is not a huge expense for the company as it is largely done "for free" by the laboratories, the CDC etc etc.

To me, what this all means is that the future will bring a huge cashflow straight back into the hands of the investors (ie us!). I see no reason that, once the company becomes profitable for 2 or 3 quarters in a row, they should not declare a (modest) maiden dividend. There is not much else they can do with all that cash that will be rolling in.