If Management chose to forego dividend yields through 100%...

If Management chose to forego dividend yields through 100% retained earnings on the $2.9m, as shareholders we are entitled to see what they are doing to increase capital appreciation ? In this case, they invested into WATMAR right? Buying @ this i would either be looking @ capital appreciation over dividend yield, which I think the current financials justifies, for me anyway.

Once the Mcap is within the exit range I would look at a dividend payout ratio of say 20% initially to continue holding. If they can string a similar 2nd half to the 1st and end up with a $5m - $6m FY24 NI, they could initially target a 20% payout ratio @ approx 1cent a share, circa $1.1m. Now say you valued the company @ 20cents, that would be a 5% dividend yield to start with.

but again, you if they can continue to make positive NI and no dividend, that is fine, if they utilise the funds to create capital appreciation.

if you disregard the 2HFY23 this company has been very good financially at this MCAP, in my opinion. But I could understand the disappointment of the way 2HFY23 was handled.