with $13.5m in cash and earnings at that level, you would have...

with $13.5m in cash and earnings at that level, you would have expected at least a 35-45c dividend fully franked, and with all the expectations of growth, well giving up the divvy means its effectively a $6.70 bid on a growth engine, I think the board have too many shares and see an opportunity to cash them in. Check out the boards shares, three of them will becomes multi millionaires and (good for them) meanwhile is it the shareholders that have to take IMO a substandard offer