Agree with you RE free cash flow, but not with management RE dividends. Pretty much all listed funders pay dividends and I don't understand why. These are growth businesses in a massively under-penetrated market. Returning cash to shareholders (in a taxable event no less) that could be deployed elsewhere seems an odd choice. Full disclosure, I'm an American, so I'm used to dealing with US growth companies (which basically never pay dividends). Is it just more common in Australia and the UK to pay them?
Not that I mind the cash, but...perhaps eliminating the dividend would moot the need to raise debt in the future?
Ann: Investor Presentation Transcript, page-6
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