This looks like a really sensible approach to me. Not getting...

This looks like a really sensible approach to me. Not getting caught up in a cash fuelled spending spree or unsustainable div payout. I personally like having a clear capital framework that allows for small value accretive capex, div payment or share buybacks. Slow and steady steady approach. Its good to see new management have learnt from the lesson's of the previous BOD in regard to spending money on the next speculative craze in a field that we are not good at. Let's stick to what we are good at and known for, work our craft to get better and more efficient and when / if the time comes for a value accretive opportunity we will have the funds to capitalise on it. Well done management!