Ann: Trading update, page-42

Yes, it was extremely pleasing that Directors declared that special dividend as I had been a holder for only a small number of months.

However it needs to retain some funds for sensible expansion if that's required, or renewal of costly processing equipment for its Shepparton factories. It's amazing that this small company lacks any debt: while some will assert that a gearing level of say 25 per cent in a low inflation environment would be sensible and allow PTL to grow faster, at some stage inflation will take off. Could be sooner than the RBA or economists think.