Ann: Capital Reduction & COVID-19 Update, page-14

Honestly, I'm of the view that a company should return as many funds to shareholders as possible (leaving a buffer and very limited debt - only hold debt to buy income producing assets) whilst giving shareholders the option of contributing more via share offers if they have an option of investing in more ventures/funds etc.

Too many managers/CEO's etc like to just reinvest all the profits back to 'empire build' rather than put them up for shareholder/owner scrutiny. I remember Lev's story about the tabasco business - keep it simple, profitable and let shareholders choose if they wish to invest more back into certain ventures.

ANO's competitive advantage is in making product using MCP to make zinc powders - ensuring it's a business throwing off cash, and then carefully, and slowly, looking at new applications is the way to go - I'm almost certain that extra $m into pie in the sky options won't give the return needed. If they determine that a project is worth funding (battery technology, toothpaste... etc) then I have no qualms with them turning around to shareholders and saying - we want to do X - but need Y to do it. I wish more company's operated along these lines imho.