Ann: Preliminary Final Report, page-5

Yes, so much cash ... and you are not getting your little hot fingers on it (say via a dividend). Commonly held beliefs say, that's good coz the company can invest with better returns than the shareholder. With no gearing of equity, common corporate finance people usually argue that return on equity is suboptimal. Could be true here?

Personally, I believe a low gearing or no gearing is not bad, coz it protects the balance sheet when times are tough (just look at WEB). But with the gold price as it is for YTD, tough times should be a misnomer.