Ann: Director Changes, page-27

@friendlydwarves

"albeit in my view a high risk of declining". Decline, declining same same. Your words.

Though overall I think you're spot on with the rest of what you say. I don't know about the LC/MG thing, I had never thought about that, would be an odd thing to do though. It doesn't impact the electrical business though and its either noise or hard to prove anyway. Makes no difference now if the mandate is cash.

I thought Buckley was a great choice though. Could have grown the scale of the business. The cash is what detracts from this being re-rated as well as the uncertainty discount which I have seen often. Herceg will not do anything dynamic and you are right about his loyalty. Why would he be back otherwise? Some acquisitions would be amazing for this company.

I think you're right about the shares being flat for years. I hold because there is no risk to the dividend, should never be cut and there is surplus cash, good market share and a good product (Minto).

My position is only $10k so in my portfolio it's small, I just have no reason to sell and I get paid well for holding it.