Quarterly dividends requires a different mindset I think because it means Solomon has to put some money aside. He definitely doesn't like to do that.
But, it doesn't have to be a problem if they do it semi-annually provided that the growth story can overshadow the dividends. Which is one reason why I sent Tony an email the other day. And reiterated my "concern" to IR about the number of press releases we are getting.
One of the interesting things I read in the notes from the september 2017 meeting is that they were planning to pay back the $18M that TRW owes SIAF when they get the $100M loan. Which you probably know by now is up to $60M.
Solomon is "crazy" in the sense that we are lacking efficiency. He could do a $20M share buyback or a special cash dividend out of the blue if he has the money. But he usually doesn't, or chooses to spend it somewhere else as we have seen last year. It's not that he doesn't want to pay dividends, it's that he has to choose. And usually, usually.... the benefit goes to the partners (TRW) or SJAP (abattoir) in the past etc. I say, usually, because we are in a different situation now than we were a year ago. The market has taught him once more that we have a SERIOUS confidence issue EVEN with a cash dividend policy. And you are pointing out eloquently how deeply rooted the problem really is.
I have done what I can, from my side. Now it is up to them. Learn, adapt, and evolve.
Think about it. They have to tell the growth story. BEFORE the TRW distribution. So that we know what we will own. And the cash dividends can only provide minimal support to the stock.
