To some extent management are in a catch 22. They want to keep the money in the business but don't have too many short term options for earning cost of capital from the cash in the bank. The cash holding creates a lazy balance sheet, could pay out to solve the problem, but management/BOD don't seem to want to do that with any more vigour than the present divi and no doubt hampered on a buy back by major shareholder.
Ann: AGM Presentation, page-29
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