forge appoints administrators, page-33

I only learn about this company today (well this is the last day before admin move in).

I looked their 2013 annual report, they done really well from 2009-2013 grown EPS and net profits after tax (eg page 39, 2013 annual report; 2009 net profit $15.6m; 2013 net profit $62.9m).

In 2013 they paid 18c dividends. What I don't understand about management (of any company), why pay dividend when you got debt???

Why company don't hold cash? Even as late as Sept 2013 FGE paid dividend, now share essentially worthless.

Berkshire Hathaway in 40+ years history I think only pay dividend once and hold multi-billion cash.