perhaps he thinks that the cash secures the business model, for...

perhaps he thinks that the cash secures the business model, for new stores, refurbishments, huge buffer.

If thats his thinking, and not appreciating capital markets valuations of div paying stocks.

If there is a board spill, and div policy is re-instated, then he will look pretty silly selling at 1.6, when the stock runs.

Is he a retail leather goods designer merchant ? or a capitalist ?

Its still a bet on whether the auditors of Grant Thornton have done their job verifying the cash. And a bet that a move by redbrook we hope will instigate div policy change.