Jackie your numbers seem reasonable to me with annual revenue of...

Jackie your numbers seem reasonable to me with annual revenue of $20 million, plus there is upside from any new contracts and the higher hours over Christmas (paid in the March q). If annual EBITDA is running at $1.8 million why not pay a $650000 dividend for last year, with the DRP reducing the cash outflow? I suspect the Directors may take some cash given the timing of the buyback was dependent on declaring a dividend.

A small acquisition can still be funded from a mix of cash and shares. Company tax will reduce cash flow in 2017, but I think getting the share price up by paying regular dividends is important. The more interesting question is what dividends will be possible this year? Presumably that depends on the size of any acquisition, if it occurs.