Pellet Price, page-246

I did once re dividends ... January 2017 in fact. The lovely Michelle responded as follows:

1. The company has not and does not publish a dividend policy. Can you please advise what dividend guidelines or parameters the Board of Directors work with?
The company board would like to reward our shareholders as much as possible. Yes, the company has a dividend policy in place since 2010, "not more than 25% free cash flow generated from the operations". The Board assessed and considered the recommendations from the management put forward for future capital expenditures and other expenditures determined the final dividend payment.