Ann: Half Year Results for the Six Months ended 3, page-6

re: Ann: Half Year Results for the Six Months... I am still very flummoxed about TTI and why Pie funds has invested in them. With the size of their position they cant exactly exit at the drop of a hat. With the national infrastructure spend there is revenue flowing through to TTI but what happens when this stops in 2013-2014? Margins are thin so any hiccups will be felt. Paying out a dividend is a poor capital allocation decision in my eyes. I suppose looking at it through a traders eyes I can see the merit. Small trades definitely works.