PDSG has to be the way forward as licensing revenues will eventually dry up.

Indeed, paying dividends will push the price up, but logic dictates that any sustained gain must be supported by increasing revenues, not a decreasing infringer pool.

CDX4 has to be developed further to meet demand from other markets, for example read:

http://www.computerweekly.com/Articles/2010/06/03/241059/How-to-improve-productivity-through-effective-information-sharing-and-collaboration.htm

Going forward, by all means pay dividends and hold a cash reserve, but serious consideration must be given to investing license fee proceeds to ensure benefits for both the short and long term investor, including further M&A activities based on the lessons learnt from prior forays into the area.

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Be well