Why holding so much cash?

A2M`s closing cash balance of $69m mainly from 1. proceeds from issued shares: $44m; 2. net operating cash flow: $21m. So far, i am not see any action or intention to spend those money.

1. obviously they are not building their own processing facility as at 23rd of Aug, they reaffirm their infant formula supply arrangement with Synlait to deepen their relationship and Synlait just announced they will be listed on ASX to fund their new facilities.
2. All market excluding US will be profitable, and spending in US market has been reduced to US$20m-$25m (AZ$27m-$34m) over the next 2-3 yrs prior to positive monthly EBIDTA, compared with current yr ($20.5m).
3. No dividend will be paid this year.

The only words i can find in the annual report are: "in the coming year we will also begin to explore growth initiatives in other priority Asian markets." Assuming A2M is able to produce more than $20m in the coming yr or more (highly likely), i dont see the reason why its not paying out any dividend, increase spending in US, starting building their own processing facility, even buying their own A2 cows etc.

I hope we will see some plan in the AGM or please let me know if i missed something they already mentioned.