please mr cook, can i have a dividend?, page-11

I tend to favour a modest dividend, whilst at the same time retaining sufficient funds to support further product development. If income in future years increases (as it almost certainly will), a continued dividend stream could be maintained. This may be seen by many as validation of BTA as a "real" company, further enhancing interest in the share price. A share buy back would reward option holders more than share holders - I'm a shareholder.