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CEO talking about direction:

When my board just recently asked me for a detailed Capital Management Plan, I think that (growth v dividends) was their intention in asking for it, Lacaze said. Every time there is a challenge and we talked to our large investors about should we be investing for growth or should we be returning capital to investors? And the direction from our investors has been exclusively, ‘you’re in a growth market, reinvest for growth.’

They see the benefit of that in the capital growth of the stock and those sorts of things but there will be become a time when that equation changes. But today, every large investor that we have says put your money into growing the business.

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