Pilbara Ltd has maintained a growth path for dividends per share of 5% per year for the past eight years. This was considered to be the maintainable regular dividend. However, the company has developed a new product range which will require major investment in the next 12 months. The amount needed is roughly equivalent to the proposed dividend for this year. The project will not provide a positive net cash flow for three to four years but will give a positive NPV overall. Required: Consider the argument for and against a dividend cut this year and suggest a course of action. Use appropriate referencing.