how much of the cash flow is genuine versus the deferred loan...

how much of the cash flow is genuine versus the deferred loan repayments and sales bonuses across the entire business? Deferring payments doesn’t defer the interest, so would expect that to have increased the loan over past 12 months. While gains being made in the LEAN project, there still seems to be a lot of waste (which has always been a knock on PGC with mismanagement).
Of your three options, would suggest dividend most likely to return. Seems all investment at the moment is to streamline. Granted, that will assist growth down the track but they finally seem to be trying to make things easier internally!