Looking forward to the Annual Report coming out on Friday. My...

Looking forward to the Annual Report coming out on Friday. My feeling is that news can only really be positive considering the MC is ~$48m. Recent director buying and option exercising is a positive read through. My guess is that the company is sitting on approx. $18-$20m cash. Predicting they pay a 1c divvy reducing cash on hand to $14-$16m. Hopefully they will discuss future plans for this capital (divvies, buy-backs, capital expenditure).

If they report that conditions and prices have stabilised then there's no reason that they can't continue to pay a 1c divvy every half. This puts them close to a 20% yield, without factoring in room for growth, which I think is inevitable for a company like this, where competition seems to be very limited. I think the market starts to value them appropriately. At a minimum for me, that's 15c for the dividend yield and 5c for growth (20c SP). The growth part depends on discussion around new sales channels, production volumes, pearl quality, and pearl prices averaging around $65 per pearl.

Glad that I topped up at 9.8c a couple of weeks ago and am hoping that whoever continues to cap the stock (IMO) lets it run again at some stage. GLAH