A different NBL, page-6

The points that you are making is that there is a positive net cash position and that net cash has increased over the past year. This is true but with a minimal pay down of debt and large pending dividends in the current half. Management is comfortable with the current capital positions and are prepared to commit a substantial amount of cash flow to dividends. This wont be a problem if cash flow growth continues. The market does like consistency of dividends and we now have consecutive payments forming a precedent. A cash squeeze at any point would likely impact on dividends (or perhaps invoke a DRP) given the net working capital deficit.

Cash has risen from $12.5M in DH14 to $34.1M in DH17 but current payables have way outstripped that ($18.8 to $57.1M) It is also worth noting that in the same period $34.5M was contributed in capital raisings, roughly equal to the cash in the bank today. In a clear case of having a bet both ways I have patted myself on the back for staying the journey until now and will use this as solace if and when the company continues unabated.