musings on the agm, page-10

Dargie,

Significant capital management (on or off) would certainly increase the intrinsic value towards the 50/60 cent level from the current 40-45c.

However, they have made the call that they want maximum cash on hand to maximise their negotiating position for acquisitions.

There is merit to both arguments.

The reality is they have the votes so their view will prevail. You have put the alternative to management forcibly and as a result it will be more towards the front of their minds going forward if things change.

I have taken on board their position and will buy more PPP as a way of increasing my percentage of the company (which is effectively what happens with capital management if you don't participate).