I don't think a dividend is at all important for PNA to maintain shareholder support.
Its a different situation with OZL because they are producing a cash horde and don't have any near term projects to utilise the positive cash flow, so invaribly rather than the balance sheet getting lazier its necessary for them to pay out earnings in some form.
PNA is quite a different situation with plenty demanding our cash flow - BH, PK upgrade etc.
PNA's annualised ROE was 22% last financial year so most investors would understand that its much more conducive for long term wealth creation if PNA reinvests its cashflow rather than paying it out.
I am currently watching for a top up. I think we are now approaching good buying. I like the hedge against the poc falling through precious metals making up a larger (30%) of our revenue mix once BH is commissioned. Probably if anything the last year has taught us that gold is being used as a haven for those jittered by equity markets.
PNA Price at posting:
$3.07 Sentiment: LT Buy Disclosure: Held
