Ann: December 2020 Half -Year Result Investor Presentation, page-8

Well my thoughts about being a dividend stock just came to a screaming halt. This is what I don't get

Cash at Bank

1H 2020 $397 million
2H 2020 $423 million
1H 2021 $435 million

Interest earned for the half

1H 2020 $3.9 million
2H 2020 $3.2 million
1H 2021 $3.5 million

So the income on an average bank balance of $400 million is around $7 million per annum or 1.75% interest.

Surely there is a better way to use this money than interest, landlords get 3-4% sitting on properties.

A buy back, an acquisition, a special dividend. Something more than cash interest - the question I have is, does the Board understand they need to maximise the returns to the shareholders with acceptable risk. Sitting on $400 million of cash for a company that has an annual revenue of $500 million does not look like the BoD are active in maximising returns and does not sit well with me.