# of AB1 Shares on Issue and current EBIT best guess., page-118

Few reasons why a dividend would be sub-optimal:
1. Earnings need to be recycled back into the business as we are in the hypergrowth land grab phase.
2. Animoca should be able to achieve a higher ROI than the average investor. Every $ dollar that could've been paid out as a dividend, should be worth $$$ dollars in 5 years time. The best companies are always the best capital allocators.
3. It would be a negative market signal. VCs have invested to multibag, not to get a 2% dividend yield.

If Animoca had earnings of $100m by the end of this year, it could acquire a new business, seed some promising investments and/or invest in the development of some of its own games. If they have zero or negative earnings by the end of this year, then they should still invest (which would be funded through a raise at a much higher price than the last one).

It is no exaggeration to say that it has never been easier to raise money than it is right now. I'm cheering for Animoca to invest all the proceeds from the unicorn raise as quickly as possible, then raise more funds at $2++++++