With respect I think the instigation of a dividend policy would...

With respect I think the instigation of a dividend policy would be madness as reinvesting profits in a business has historically and vividly shown investors the way of successful investing via the power of compounding company profit year on year.
It happens to be Warren Buffett’s greatest observation.
If they paid a dividend on current profit forecasts with the debt to equity equation as it stands I would be pretty livid on the basis of mismanagement but hey I am but one investor among too many.
I say pay down the debt and very wisely reinvest the profits to make a quid on each year of increasing equity. Roger Montgomery’s book Valu Able amplifies the virtues of compounding although CTP would never qualify his scrutiny as an investment in the first place.
For what it is worth I think it would drive the share price down significantly at this time and only when the company is consistently making clear cash flow with low debt and no where to grow should it be looking at paying a dividend.
It will be a long while too sure even if they did pay out that the Franking credits would be passed on to those paying 0% tax at PAYE tax payers expense.