..is a very important one.  Each is entitled to his/her opinion, but I am all in favour of a dividend.  Why?  The company is already making lots of money, but the market is reluctant to recognize this.  This is partly due to EDV's own history and image; partly because of the current perception of West Africa; and partly due to a fundamental change in market psychology since 2008.  How long should we wait for the market to  recognize the growth story?  What if a low-ball takeover happens in the meantime, robbing us of our reward?


With the current cash flow, this company can continue to grow AND pay a worthwhile dividend of 10c or so ($41 million a year, a fraction of the investment budget).  This will give a big boost to the share price as it will attract a much wider range of investors.  And the growth people will not be disappointed or held back, because a stronger share price will increase the options for financing new projects - including cash from the exercise of warrants.


For an example, look at MMT last year, an oil producer in Nigeria.  It was coming out with great production and cash flow, but the market thought it was too good to be true.  Some, including myself, wondered out loud whether the reported cash flow would ever find its way out of Nigeria.  There was a big debate over dividend, share buy back, or just continue investing in growth.  Those pushing for a dividend were able to convince management.   The impact on the share price and on credibility was huge, and now MMT is a recognized success story.


The same can be done for EDV.