Ann: Webcast Recording for FY24 Results Presentation, page-9

The only disappointing issue I had with the presentation was the comment on capital management. I interpreted DW' as "no dividend for the foreseeable future".

I found this curious given:-

• low capital requirement for manufacture
• high product margin (evidence seems to be that this is maintainable)
• business profitable
• sales growing at a fantastic rate and which will largely drop to bottom line
• modest r+d spend
• innovative usage being lead/supported by growing surgical community
• being "dragged into markets" by growing surgical community

I understand the benefits of growing market and understand DW's comments about paying yourself a div by selling the odd share. However, I would have appreciated the board's confidence by indicating that a div is in the offing. I think that would ignite the share price, improving the currency for future acquisitions as alluded to by DW.

Am I missing something? I know it's only a minor given the company's growth trajectory, and I'll continue slowly accumulating on SP weakness