Ann: Half Year Report and Accounts, page-9

I guess we can spend a lot of time finding these sorts of negatives, and as investors it's worth doing so. No business is ever perfect. Ultimately, as much as key-man risk is real (and Madam has already commented on this, above), when said key-man has as outstanding a track record of creating shareholder wealth (yes for all shareholders) and he has such a massive personal stake (which has not been gifted through generous options), then rationally I would have to say that what we we have, on the balance of probabilities, is a key-man advantage, rather than key-man risk.

If OTC revenue data has been deliberately left out (I stress IF) perhaps because it may reveal less than rosy revenue growth (or lack of), then I may be able to live with that too (though I won't like it). We all know dental acquisitions (and greenfield growth) has been less than buoyant lately. I respect the prudent capital allocation that this business has demonstrated, over a long period. It is critical, for long term wealth creation, that growth not be bought at any price. If this sometimes results in stagnant revenue numbers, so be it.

But yes, I would like transparency and candor. So, it's something I'll have to keep an eye on. But we're all human, and no business is perfect (though Berkshire Hathaway may come close).