are we getting to cheap, page-9

I must admit to being somewhat disappointed with the annoucement. Based on WSA's previous annoucements I had calculated a $70 Mill profit. On this they delivered. However, management has previously advised an intention to distribute 50% of profits as dividends. In this regard I was expecting a divi in the range of 15 - 20 cents. Clearly on this result, 50% of the profit has not been paid out. No reason provided in the announcement as to why management has diverted from this policy.

Can anyone assist in this regard?