I don't pay much attention to dividends in my analysis. Just...

I don't pay much attention to dividends in my analysis. Just that I do appreciate when management is doing the right thing by shareholders with dividends, DRP, share buyback or not.

From memory, I think MND had a cash-only policy regarding their dividends... all up until about 2012-13 when the mining boom was about to bust. At that point I remember noticing they reinstate the DRP.

That to me served two purpose. One is to conserve cash. The other is to reward shareholders who want to hang on to their shares - i.e. they get more bang for that dividend buck. Which, if we go by the current share price, have reward those shareholders on the DRP very well.

So in that future where MND share price get bit ahead of itself again, I'll see if I would want cash or more shares in it... or just get out altogether if other opportunities present themselves. Though I doubt I could find another company with this calibre of management so will hopefully be sticking around for some times yet.