Does that not depend on how they finance acquisitions? They can...

Does that not depend on how they finance acquisitions? They can use cash OR shares. Personally I prefer a bias to shares to lock in owners of the company taken over. If shares are mainly used they need to get the share price up and paying regular dividends is one way. They did say originally they would pay out 80% of profits. They are obviously finding it hard to get purchases at a reasonable price. I think in the meantime paying REGULAR dividends is sensible and would eventually mean the shares were rerated. I invested for the yield and in a super fund I am not worried by the lack of franking credits. If the tax ruling mentioned in the quarterly means they do not pay tax for a while I do not think that should stop dividends being paid. If they are earning 0.4 cps (PE near 5) they could certainly pay at least 0.2 cps (yield near 10%). A share price of 3-4 cps seems justifiable on the current metrics. Boardman needs to be sorted out as otherwise there is a share overhang that could depress the share price.