10c a distant memory by year end, page-76

it's the conversion of the BEPPA's into shares that is the problem melua. This potential dilution has really killed the share price.

The company may eventually get into the position where it could physically pay an ordinary dividend but more shareholder wealth could be created by buying the oref shares back or redeeming them with cash saved up.

ie:

would you rather own a 10 cent share and get a divdend?

OR

would you rather own a 50 cent share or $1 share or some price well above 10 cents and get no dividend?

Think about it. I would rather see them putting the dividend money into eliminating the BEPPA before even considering a dividend.

Anyhow, dividends are miles off. They have bond interest to service as well.