Ann: FY23 Annual Report, page-69

On the face of it, it's a very good thing to have, but it has grown beyond what many would consider a comfortable "buffer' in the balance sheet.

With the exception of buying stakes in MVM and Synlait, they have not identified any major growth opportunities requiring that level of funding, or even outlined any potential ideas. So (at least to me) it has come to represent a lack of aggression by the company in pursuing new avenues / catalysts for growth.

Most would argue that, if they can't identify such avenues, then it should be returned to shareholders, but this year they banked a further $150M and haven't returned anything either.