Thank you. I was aware of those reasons but take the 3rd reason...

Thank you. I was aware of those reasons but take the 3rd reason for example. Why wouldn't the company hold on to the cash till there is investment opportunity instead of perhaps having to go through a hoop of issuing shares layer to raise funds when investment opportunities come up? More importantly, if a company does not know what to do with the money it makes then can one trust in the ability of the directors in terms of having long term strategies?