Ann: Dividend/Distribution - VRS, page-2

It's spring. Time for Daffodils (buybacks) to come out of the ground. Also, the last 3 years we've done close to $275 million of work for a net loss of about $1 million. It's nice to see the change in focus to higher margin data capture and analysis etc. It would be better if the Board also focused on making a decent profit so that the supposed higher margins translate into a reasonable NPAT. While the re-introduction of the dividend is welcomed, at this level and the current level of profitability, it's not going to translate into an appreciation of current share price back to the 30c + days.