Ann: Annual Report to shareholders, page-63

2) I understand how dividends work. the reason why dividends exist is to return money to shareholders. ANO doesn't have the money. they know some people want cash or can't even get shares because of the jurisdiction they are in. LM on the other hand does not need the cash and will pick shares. this leads to dilution for the shareholders that got cash.
small shareholders lack information on the outlook of the company and do not have insights / that's information asymmetry.

3) the sunscreen category is growing 6% while mineral sunscreen Is supposed to gain market share from chemical ones. so the growth rate should be >6%. can't compare a supposedly secular growing market with GDP growth rates.

4) i d like to see them as well.
but considering all their other shortcomings i believe they do not know how to make this calculation.