I think the cash flow statement will be interesting. If cash...

I think the cash flow statement will be interesting. If cash flows from operations are less than the dividend, then basically capital will have been raised to fund it. It will also show the return from investments. In the last 18 months, the company has invested around $150 million. One would expect this to generate at least a return of 12% which is approximately the cost of capital . If it has not, then capital management would have been more prudent via a buyback. I think Victory Park is a case in point. It has not delivered the $9.5m promised on the $95m investment.