Ann: Proposed issue of securities - NAM, page-12

There are a few things that don’t make any sense to me. Why do we have to wait until FY 2024 for a dividend? Given The current year has a bumper crop why isn’t there going to be a dividend this year. Why does the company need to reduce debt now? The company is forecasting good seasons for the next 2 years so debt will reduce from the cashflow being generated anyway. Also how is a debt to equity ratio of 30% considered excessive? This all raises the question of whether it’s worth sticking with NAM or finding something else to invest in.