meanness of management, page-6

another two issues to consider re the low dividend:
(a) large contract wins have required new capital expenditure $49 million. This needs to be financed somehow, either through raising debt (increases financial risk), raising capital (dilutes existing shareholders), or using internally generated cash flow (better for shareholders in the long run)
(b)bought back some of the convertable bonds. This is also in shareholders long term interests, as if the bonds are converted increases shares on issue and dilutes existing shareholders.