Quotes from ASX Announcements, page-91

Prospectus said it was the intention of the board to pay dividends of 25% net profit. It also like every prospectus in the history of prospectus's said it is not guaranteed as it depends on the financial position of the company.

Now while I agree the company is in a financial position to be able to pay a dividend. The dividend was never guaranteed and people are acting like it means a dividend will NEVER come. They simply did not pay one for the 2014 financial year.

Also a dividend is not guaranteed nor legally required until it has been declared.

Ok so if we read the prospectus we can buy the stock for 20 cents. Profit in 2014 is 1.77 cents. So if they paid the 25% then the dividend based on the listing price would be 2.2% unfranked. Not compelling at all and nothing close to being a dividend play. This company has always been about growth and exposure to China as an investment prospect.