Ann: Half Year Accounts - Appendix 4D, page-2

I must say, despite the $9.5m (~89cps) in franking credits, I was expecting some sort of a cut in the dividend.

That they have maintained it, albeit with a DRP introduced, suggests they must be happy with what they are seeing in terms of the leading indicators for their business.

And with the wound from ill-conceived international adventure now stemmed, the company's resources can now be focused where it matters (as @Alltypes has been calling for).

Sure, the ~$10m pa EBITDA days are unlikely to return any time soon, but even if they get just from this year's expected EBITDA break-even (1H = -$0.63m, 2H expected at $0.7m) to the long-term, "through-the-cycle" EBITDA average of around $6.0m, I am convinced that the Enterprise Value of the company will be somewhat different to today's $22.5m

And while shareholders wait for the cycle to improve, they are getting paid over 8%pa (fully franked) to do so.