Lagging, page-36

Frankly whether my return is dividend or share price is of little relevance to me - it is the TSR which is all important. If the company goes bankrupt or I am diluted by an emergency CR is very relevant as in these circumstances I will be screwed and I am not keen on that. If the company keeps money up its sleeve for contingencies or procures redundancy by way multiple revenue sources (from another processing centre) is all important to me. Fine if the company has a surplus (above contingencies) of cash\bullion it should be distributed the question is what is required for contingencies; IMO SLR needs above all (given its history) to demonstrate that it does not need to do an emergency CR in the event of an interruption of revenue from Randalls; if it pays out its contingency in divvies we will all be vulnerable. The need it to show we have some redundancy from multiple processing facilities and to increase production from current levels to about 250,000 - 300,000 ozs/year and then pay a divvy.