Ann: Results of Meeting, page-4

They are looking to double the size of their rental offerings over the next few years (it's a high margin business). Which reminds me of another aspect that makes SRH quite a unique player in their industry. They said they get a lot of valuable feedback from their rental customers, some of which they build into fine-tuning their products for outright sale (a nice synergy between these two aspects of their business).

I asked about IP protection and I gained the impression they have this pretty well covered and that management doesn't view it as a great risk. They have patent protection on their products and access to good legal advice to enforce it if breaches occur and it's cost effective to do so.

Another change they've made to their business operation in recent years is to own their IP outright, having been burnt by using others' IP and then having the rug pulled out from under them.

On the capital raising front, I didn't sense any near term need for this. Their cash flow is healthy and the strategy for the next year or two is to fund expansion (and R&D) from cash flow, rather than going to the market for funds. The flip side of the coin is that dividends aren't likely for a while - but shareholders at the meeting (including me) seemed reasonably comfortable about this.