Yes I agree but if the company grows without the need for any...

Yes I agree but if the company grows without the need for any further cash requirements what will they do the the surplus?
Obviously an new acquisition maybe but with only 220m shares on issue they could afford to keep their cash and issue share to acquire a new business.

My view would be the share price would run up aggressively if the company was to pay a dividend putting the company in a better position to issue shares for another acquisition