By January probably 900m in the bank AFTER Mataura and still no dividend- inexcusable!, page-15

Hi blackeyed, Just because it can be claculated does not mean it is a better option for the company and, in the end game, shareholders pockets. Arguably, shareholders are best paid in this order:

1. Money reinvested into the business, or company.
2. Company buy backs at a discount to intrinsic value
3. Dividends

1 done correctly can explode everyones wealth far greater than dividends paid.
Most would argue with me regarding 2 and 3 being swapped but my arguement is this. If you, as an allocator of company capital, are not able to think of somewhere to best allocate funds for future growth for its owners than perhaps you should think about stepping down. Dividends are the last resort to turn to and an unfavourable one at that. They are tax inefficient and a waste of company capital. As an allocator of capital I would weigh every option available before ever considering 3 and there are possibly hundreds of options within 1 some of which involve 2.
A2M is sitting pretty with good cash reserves and nice free cash flow, we may benefit with a well priced acquisition, or more. This leads to a whole new topic though. I hope my two cents will have helped you see our point of view my friend.

To da loo.