Yes, good old fashioned value investing says to keep money if it...

Yes, good old fashioned value investing says to keep money if it can be used to generate higher ROI and that will lead to higher share price long term. But as OhthePain said, higher divs will do the same.

And, if higher divs drive higher share price (not necessarily the case in small-cap space), then the Key management personnel will be happy about that:
Mitchell controlling approx 41m shares, and Scott Tumbridge about 16m shares, so a fairly decent proportion of wealth. Paying 4 c per share divs brings $1.64m and $.66m in cash (respectively) to those, PLUS divs driving share price increase their paper wealth too. Of course, we smaller holders would also benefit from that!

(should note that although there's been calls in this forum for more aggressive buy-backs, I think they have been prudent in not being tooooo active in market. This is a relatively tightly held small cap. Low volumes can lead to lots of volatility in small caps. The ongoing buying has certainly buffered those, without aggressively driving price up. Perhaps the call has been for more aggressive OFF market buy-backs? Not sure that is such a great idea, as it would concentrate management ownership and reduce on-market availability even more?).

High cash generation, virtually no net debt, these are good position to be in and, as has been said in here before, gives plenty of options.