Ann: Capital management update, page-3

Very solid cash flow generation.

Happy to receive another 2c but they could have made it 2.3-2.4c without putting much of a dent in the balance sheet. i hope they reconsider the quntum of the return over the next few months. Net debt will probably be $1.5-3mil come June 30th. Some serious free cash flow generation demonstrated with $50mil gone to debt reduction and returns to shareholders combined over the last 2 years. Impressive.

Trading cheaply to Australian peers. Perenti (PRN) could offer over well over 65c a share for MSV and it would still be accretive for them. Considering the size of their balance sheet, it would be a small addition. Whilst my preference is greater buybacks at these prices over unfranked dividends I don't think the market rewards capital returns via buybacks in the short or mid term......it does more so with dividends so if the BoD want to reward themselves and shareholders with a fat share price.....please skew returns to shareholders over 'growth' for now until we're back trading in the 60c range.......we're still trading where we were 3 years ago. Some recognition of the company's progress via it's equity pricing would be welcomed- the company can foster that in the way you manage capital.

Nathan & Andrew....I know you look at these comments as does Bridge St. It's a poor corporate look when market sensitive announcements are leaked the prior day day to release. This isn't the first time, it's crap when 'friends of or associates' of those connected with the company get a jump on the market via a whisper. You could and should be doing better with this. Just saying......