PNV - Banter and General Comments, page-11834

I think a dividend may give the market some confidence but in terms of the company health and future not the best move. I would think it would be definitely unfranked and we would be better served supporting our pipeline into different medical uses for our platform and increasing our regulatory/ geographic footprint and potentially M&A for underpriced assets that fit within our portfolio .
The burns market is quite small especially in developed markets and we are starting to get leadership in many so although we have lots of growth potential still in burns in emerging / developing markets it will run out eventually and we need to be looking at “the next BTM and MTX”
With the strong management team that Swami has put in place in R&D and operations we need to maximise getting new developed market products out ASAP whilst changing medical practices in the emerging/ developing markets for burns.
I would prefer to see that happen than a small unfranked dividend.