A company's value is actually principally dictated by its SP and...

A company's value is actually principally dictated by its SP and that is derived from mkt perceptions, not numbers.... only in an accountant's theoretical world are these claims of paying back debt at the earliest opportunity so black and white... Money should go where it is best served within the business and SH's who have waited up to 20 years and taken part in many CR's would feel that " best served " would be their pockets.....These thoughts have been aired before.
It's true many companies lose the value of the div but the reality is that their SP is overall higher longer term because they are consistently paying the div in the first place. This in part comes down to SH trust in the company...something the KAROON board does not have atm as noted elsewhere by analysts..

Some trust by SH's would be very beneficial to Karoon. So stop the race to empire building and look after SH's.

Here's a thought, holders who don't like the idea of receiving a benefit from their investment and apparently cannot structure their tax affairs appropriately should sell out and buy a dog stock like BRU that continues to flounder along for another twenty years with no chance of a dividend payment.

I don't see Stam and or Sandon worrying about the tax implications of a dividend. They have a responsibility to make money today, not to continue on kicking the can down the road.