I remember a shareholder meeting of Arc Energy and the question...

I remember a shareholder meeting of Arc Energy and the question came up about dividends. Eric Streitberg's response would apply equally to Hardman as well. Eric made the point that when a resources company starts paying dividends instead of investing for capital growth, it could be a good time to look to invest elsewhere. It means that the company has run out of ideas to substantially increase wealth.

Capital growth that increases your wealth. Dividends pay your pension.