I personally would like some of the cash paid out as a special dividend, and only that which is strictly necessary reinvested into the business.
Unless management has a clear and well thought out pre-existing plan for investing the cash, I wouldn't like them to be swanning around searching out opportunities with such a large amount weighing on their backs. The psychology of "easy come easy go" and questionable decisions resulting from that would be very difficult for management to avoid.
That is a recipe for wastage and value destruction.
We've just lost a very significant ongoing cash flow, now is the time to be exceedingly cautious with cash at hand.
As a shareholder I can only guarantee that if the cash is in my pocket
