Ignacio Salazar called by at Drayton Gardens on Monday afternoon and, as promised, I bearded him on Orosur (LON:OMI) getting round to paying a dividend. I am not alone amongst shareholders in seeking tangible evidence that OMI is run for the shareholders.
He made two points. The first is that he wants to be very sure that he has got a good wadge of cash to support OMI should negotiations over this or that get under way. He stresses that overheads are being brought under control. I believe him.
There is of course another reason for not paying out a dividend (or engaging in a buyback). This is because the management really reckon that the return on cash retained by OMI will be more than satisfactory.
In view of the fluctuating price of gold it is not possible to prove that this objective has been achieved. But I listened carefully to Ignacio and I bet it is wise to let OMI develop its various projects. They might come off and they might come off soon.
OMI is palpably a buy at 20p or less.
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The chairman this morning got me to buy GBP v EUR at 1.1180. I did as I was advised.
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Why Sir Philip Green is expected to be put in a compliant mood by Frank Field’s claims of criminality on the part of Phil – and all this before the great debagging debate to be held in public today – I have no idea.
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Finally, half way through yesterday’s 1.00 p.m. BBC Radio 4 news a Syrian was interviewed. His aunt, he said, had been in a bazaar when ISIS dragged on a collaborator, strung him up on a beam and proceeded to lower him into a vat of bleach such that all his flesh was burnt off. ISIS then killed the collaborator. Corbyn’s Labour party thinks ISIS can be talked to.