Rule number one of small companies - hold on to your cash as you will need it somewhere down the track. It's not to be thrown away. If you want to be an accountant and look strictly at EPS or cost of capital etc, I think you are investing in the wrong market. Go and buy Coles or Woolies. This is a small and growing company that needs cash to grow. I am sure David has plans to use that cash to increase the share price .... and his wealth too.
Ann: Notification of Expiry of Listed Options, page-63
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