Ann: Preliminary Final Report

A few observations :

1. Cash up to $30m, interest down to $120k. Plus negative interest and bank charges of $35k. Total net interest on $30m is $85k ! They would be better off giving the money to a worthy Chinese charity, for all the use it's doing shareholders.

2. Last year, they weren't paying dividends because they were looking at acquisitions (which they never made). This year, it's because NPAT is lower. What will it be next year - the dog ate the company cheque book ?

3. It makes no sense not to do a buy back.

Of course, the market has already formed its own view on the cash.