Ann: Appendix 4E and Annual Report, page-7

thanks for your breakdowns. Nothing particular to add except with respect to excess cash. Even after paying out the dividend, the company will be sitting on a meaningful amount of cash.

clearly they will have to reinvest in the services division at some stage, but to me it is telling/curious as to why they have been so restrained wrt a buyback and no director purchases. They last bought back a token amount of shares at 66c in the middle of covid. They obviously know the business as well as any and so I’m surprised they don’t see a buyback at current levels as being the best use of shareholder funds despite the financial liabilities being fairly stable over the last 4 years.

Given the black box nature of the business and the board not currently seeing the share price as attractive enough to re commence the buyback, I’ve kept this small holding on a watch and wait list. I think if this truly is the no brainer/obvious value that it seems to be, then a meaningful buyback will be good news for all.