I agree.... big question comes who has the best return on that money right? what's QBL's ROIC vs whats your ROIC based on your own investments? If you have a bigger return that QBL can achieve with the same money, it's better off they pay dividends - and vice versa.
I might add, reason why its better for most companies to retain earnings in infancy and grow, is because they have so many positive NPV projects to execute in the pipeline - which I'm tempted to side with at this point in time.