I dont know, a dividend wouldn't cost them much, the cash in...

I dont know, a dividend wouldn't cost them much, the cash in bank, the cash flow and the profitability are all there so why not?After all they did wind down the loan book by 8 million over the half.

The plus is that it indicates that they expect to increase the size of their loan book over the coming year, so if they couldn't spare the $4mil or so for a dividend with $85 mil cash in the bank, their new credit products must be experiencing some real demand -- meaning we should increase earnings over the next 6 to 12 months. If so we should get an increase in PE ratio and E itself over that time, so not afraid to hold onto this for longer. So yeah if anything the no dividend indicates they expect good things ahead. However I don't see the market reacting well to that news.

Book value less intangible assets at around $118 mil too, profit at $20 mil per year at least, Market cap at $172 mil... looks very cheap to me.

Also operating cash flow still at $22 mil for the half - even after leaving out the wind down of existing loan book. Investing cash flow is only -$3 mil - their free cash flow is massive.
Will be interesting to see how the market acts today.