I agree with your points however I do not want them to pay...

I agree with your points however I do not want them to pay dividend. IMO they should repay that 79 mil debt within 6 months and start piling up cash for global expansion. The debt is still there, they just need to pay it with cash now, especially they have 60 mil op c/flow so they will generate cash back quite quickly.
Paying out 50% of the npat is destructive to the business as it limits its growth capabilities. Happy shareholders cause they can go holiday/buy new cars, but I prefer capital gain and company expansion.

All in all I agree, PBG is a different company now, the products are quite innovative and Bonds and Sheridan absolutely rock. There is a good future for the business.