Ann: Change of Director's Interest Notice , page-8

BYI is staring down the barrel of at least 16c eps, has net cash of 10c, is an absolute cash cow throwing off heaps of free cash flow each year. So really at $1.20 you are paying $1.10, which puts this thing on a PE of 7. I personally think we will get an increase in final dividend, and that will be the catalyst. An upgrade would be nice too, they flagged 10-15% which is basically a doubling of the first half. I feel like the risk is to the up from these levels.