true - the company might not want to start paying dividends and...

true - the company might not want to start paying dividends and start building up some cash in the back (possible even for future acquistions).

With reference to the dividend being small due to the dilution, that will be true but still with some investors buying shares between 8c-20c etc even a 1c dividend when it arrives will still be a reasonable return.

For the record I am more for capital appreciaton than dividends

Cheers

Geoff