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Betio,

A lot to like, apart from the state of the markets they are selling into IMHO.

I'd like to know more of how their new products stand, as they need new products just to stand still, as everyone else does. Regardless, seem to be holding ground in the NZ and Aussie markets, motor technology really a whole new emerging business line, and of course the usury business is pretty robust.

And yes I'd say a divvie in another year. Interest charges were still quite high but will plummet, reinvestment capex a little lower, new revenue commencing from the motor technology, so should be spare cash. The only thing better than a divi would of course be if they can identify a small to medium expansion opportunity. Now is he time in the business cycle to do it surely. Would like to see debt remain well under 100 mm though, and no divvie with it over 50, at least until margins are better.

EL

EL