Ann: Quarterly Report December 2015, page-37

I'm not implying a dividend should be anything onerous or impair development plans. I just believe that the cash pile can be grown as well as issuing a small (but significant) dividend in FY16.

I think the market would react VERY positively to MML offering a A$0.02 dividend.

A$0.02 would only reduce the company's cash position by:

A$0.02 x 207m x 0.71 = US$2.9M

After two more quarters of cash building, will the market care if the cash pile is $2.9M smaller if it means that MML has a dividend yield of 5%?

And when you consider that the company said that last quarter's production was expected to be lower than normal and the PoG is already $45 above last quarter's average cashflow is likely to improve substantially to comfortably accommodate a dividend (assuming the PoG holds up).

Not only do I suspect a 5% dividend yield would be attention grabbing in itself, but it would also put MML back on the radar of many institutional investors that have mandates that don't allow them to invest in companies that don't pay dividends.