Ann: Full Year Statutory Accounts, page-21

Sorry, Crookers, can't help you here, except to say that the company believes it can utilise the funds more productively than in paying high dividends.

I concur with former shareholder Retired that there are better investments around than QMS: in any economic downturn advertising is one of the first things to fall. Having said that, every share has a price where there is value - in this case I'd be waiting for low 90s.