i generally agree your point, but I feel management not take...

i generally agree your point, but I feel management not take seriously about small and medium shareholder feelings for too long (like low market price, No dividends for years), still talking about future, no 1 rating, transmission , confidence,etc as always. if all above not transfer real money term return for all shareholders, who cares? if they want us to wait , for how long? do we heard they talking about any problems exist of this company from stoke, specifically from ceo James? no , for me they said nothing.their annual report still call net 19.5 million positive cash flow a robust ( despite have all reasons), shame on them.even add back 59 million one off tax payments , cash flow conversion rate is still less 60%.for example now I feel they may too anxious or/and pay too much for prime group. in general I change my opinion to SWM, it is fairly valued currently not under valued. I previously thought it is much undervalued. talking about future nobody, specifically senior management absolutely have no idea what revenue will be like for swm in next 5-10 year.