Dividends in 2021, page-10

I agree that it's a lot of money (cash at hand) but they have made some acquisitions periodically including recently, even though I'm not 100% on board with them buying into manufacturing. Not sure why you think the option of a share buy-back is gone, surely they could do that any time and while the SP is suppressed would be a good time and excellent demonstration that they think the company is undervalued by the market. Personally I think paying a dividend (giving the cash back to shareholders [less taxable income that goes to the IRD - there's 30% odd of shareholders cash just forsaken to the government]) would be a disaster for the share value as it would signal to the market that the company have no ideas for sustaining growth and want to revert to a steady state. To me, paying a dividend would be the same as a fourth downgrade.