My issue is that they already had 11 years to get things right,...

My issue is that they already had 11 years to get things right, and another 3-5 years is just a can-kicking exercise giving cover to management always asking for the "medium term" to get things right. This BNPL pivot has had enough time to get traction, particularly when you compare them to their comps. For me, its definitely Pay The Piper time so we want to see material improvements across the Board, clearly executable global growth plans, and crystal clear vision of where the company is going. RJ has been there 3 years, the absolute worst thing to happen is if she moves on.

My only issue with dividends is that while I understand your views from a financial perspective, SMSFs (which is most of "retail" these days) value the franking rebate, so dividends matter to them and you wont get material retail support without them. In Australia, even if you have to raise capital after paying dividends its not a disaster because it flushes out the franking account (assuming it is profitable), unlike in the US.

Tic, Toc Rebecca and Crombo......Tic, Toc.....