Net cash - is a dividend possible? likely?, page-2

I would be very surprised if HZN paid a dividend in the short-term.

Their stated position is simply
build cash and look for cheap assets if no (compelling) opportunities present, then look to return funds to shareholders

Opportunity is Knocking.

The current/recent decline in oil price means that more opportunities will be available, and probably at a (much) better price due to financial distress of many companies with debt resulting in fire sale prices

HZN will be looking at the smaller end of the market, and there will be very few buyers (companies with cash) at this end of the market, in other words, it is a buyers market.

Under these conditions (very cheap assets), it makes sense to conserve the cash to pounce when (and if) opportunities arise.

If the POO hadn't collapsed, I believe that a dividend may have made more sense: more free cash, but assets would be more expensive, i.e., less compelling.