I just spoke with Director, page-154

"Most of any dividend would have gone into his bank account..."

A dividend is simply a return of capital. It is not extra money.

He probably would have had to pay tax on a dividend. In that case he would be worse off.



"Any decrease in the share price would have made him much..much poorer than anybody else..."

He seems to have no intention of selling so he is unaffected by the share price. In fact a low price enables him to increase his holdings at minimal cost



"Summary.
Nothing has happened that shows that the majority shareholder has benefited..in fact the opposite has occured
The majority owner has lost a lot reacently..."

He still has all his shares, his salary and the opportunity to buy more shares cheaply. That is a huge win.



"In the longer term he would benefit the most from a growth /retain revenue strategy.."

That would certainly help him. It won't help small holders because the price is likely to stagnate in the absence of dividends.