MarsC,
what you are missing is if the management was that bad in managing business as you indicated, you wouldnt give holders 95% of the cash in the tin!
the matter of the fact is, the management always knew what they were doing including having been learning over last 2 FY, and now with Manning on board, they have figured out where REF will be travelling in 2019, they just havent told you yet.
Ann: Dividend/Distribution - REF, page-20
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