Stocksman, I suspect management is always looking at more acquisitions. But they have stopped talking about it because it might not be reassuring to shareholders, given that previous acquisitions have not boosted the share price. I am not against more acquisitions, but it has to be clearly profitable for EDV shareholders. Issuing cheap stock of EDV for cheap stock of another company does not add any value.
Coming back to my pet theme, a dividend would boost the share price relative to others, and thus increase the value of EDV's currency for potential acquisitions.
One more thing, the company can set up a dividend reinvestment program, which allows shareholders to choose to have their dividends converted to shares. This also reduces the cash cost to the company. In effect, it allows the individual shareholder to choose "dividend or buyback", because if you go for more shares, you own a bigger slice of the company.