Ann: FY25Q2 Quarterly Activities/Appendix 4C Cash Flow Report, page-6

We only had $2.2m in cash as at Dec 31st and still $4m of borrowings to pay down so perhaps prudent to hold off dividends a little longer.
And maybe we want to keep some powder dry for other uses? May need some extra working capital if we win the nbn tender. Still, there should be plenty of excess cash in FY25.

Given that the options will generate 15 million new shares, the SP may get pulled down towards the exercise price of 80c. The right timing may be to have the ex div date after the exercise date to encourage oppy exercise.

Last thought is that the 1st half EBIT was $14m but guidance for the FY is $26-28m so management is not expecting H2 to be better than H1.
I'm cautiously positive though.