I don't see the point of the dividend. If the price stays well...

I don't see the point of the dividend.

If the price stays well above 2.5c, you would expect virtually all investors to subscribe to the DRP. So MSG will end up holding the same amount of cash.

But as the dividend is unfranked, it is essentially just handing its shareholders a tax liability.

I think they should forget about paying dividends, and focus on growing the business without diluting shareholders. But, as the CEO reduced his salary when MSG listed, I suspect his desire for dividends will dictate what the company does.