some given considerations are really worth to be discussed here.

However, at a first glance I was satisfied with the dividend and the letter. Afterwards, especially the dividend brought up some questions. Sure, I am happy with the dividend, but I think not just of my own pocket as shareholder of PTSC.

IMO, there would have been other ways arround to use that money rather than for a dividend. Pohl closed many construction areas, but some important ones are still open:

- buyback could be much larger with the dividend money

- S/L redemption of the warrants

- invest the money in ignite technology

- take over a company

Well, SMH isn't to far away to ask such questions.

S402005