some research, page-12

They do raise capital in the sense that the Chairman subscribes to the DRP. It's an interesting company because whereas traditionally the CEO is in charge of capital allocation, the wisdom of paying a dividend depends largely on whether the Chairman reinvests his dividend.

I've speculated about whether the company will pay a dividend... they could, and that would get the franking credits out, which is nice. Also, reinvestment probably makes a lot of sense at the current market price.

If they maintain the dividend they'll be using some of their cash reserves, but as you say, the seem to run a tight ship. Personally, I think cutting the dividend would make sense too, although the market might react negatively to that. As long as some of their current initiatives pay off, we should be sitting pretty in the long term.