Good news for AAC, page-182

For the past few half yearly reports at least, despite reporting an 'Operationg Profit', they have continued to draw down on their bank facility so the level of bank debt has been increasing. This means there is no surplus cash being generated that could be used for a dividend. The Profit they have been claiming has not been enough to even cover the capital reinvestment that is going on (into what is unclear), let alone repaying debt or giving returns to shareholders. Obviously establishing a consistent pattern of shareholder dividends would make the Company more attractive to investors and likely push up the SP, but is this what the board want? The board is essentially controlled by the majority SH who seems to be set on inching its ownership up slowly over many years, so is it possible that the majority SH wishes to keep the SP depressed allowing them to accumulate on the cheap, and hiding away profits on questionable capital investments such as infrastructure upgrades that don't clearly add to the company's value the way a dividend would. I'm no business accountant so what do I know, but this is what goes through my mind.