Ann: Wintime Cooperation Agreement, page-40

This got sidetracked, which was my fault. It was meant to be about having cash in the bank. Acquisitions were just one option for having cash on hand. Others are having a safety net (unstable coal price), growth options (acquisitions in coal or other minerals, new projects, research/development), share buybacks, or the ability to act quickly if an opportunity arises (it doesn't just have to be in coal; diversify).

If going down the investor avenue was needed, you have to have enough to give a positive perception.

The company would have been in a far better position if it had held onto half the money it distributed in dividends.

Of course, this is just my opinion.

Anyway, since we can't change the past, let's ride the train for this financial year (FY). The coal price has been great, and cost savings initiated last financial year will help this FY; I think we'll be in for a great FY.