Ann: SWL Annual Report to shareholders, page-8

SWL was priced for a negative surprise. All I can say is I have had faith and knew SWL was a well run succes. The CEO leaving was an issue for me the reasons we still don't know. Wasn't due to underperformance clearly judging by the report today.

- Earnings in target range
- Dividend an absolutely welcome surprise to the upside
- CASH  Cash position remaining strong with $42.2 million and increase in net cash (after debt) to $38.0 million to support strong project pipeline  Strong group focus on cash conversion with net operating cash increasing by 115% to $20.6million (FY14: $9.6million)

Nothing in a report is a better indicator than the cash position. I prefer higher NOC to higher earnings. Accountants can produce earnings spin they cannot ulter physical cash. Not legally anyway.

Bought more today, I have been invested in SWL for around 4 years.

Massive buy but these things take time. May take the market months to push the SP to a fairer $2 and beyond. Too bad there is only a 7%ish 100% franked dividend in the meantime. Next half yearly dividend is very likely to be around 5cents pushing the dividend towards 10% fully franked. OMG!