Ann: Appendix 4D and Half Yearly Report, page-8

I like the integrity and competence of the management. The problem with this company seems to be that if they are frugal with dividends and funnel excess cash into growth, it doesn't help the valuation since equity is less than half the market capitalisation. So, the share is being priced on dividend yield rather than earnings. If it were based on equity it probably will need to fall to half the current level. In other words, if reinvested earnings only raise equity it doesn;t benefit the shareholders proportionately.