In that case it would be difficult for shareholders to make money. Shareholders, who are not the management (the company's management sometimes receives directors' fees in lieu of dividends, especially in small private companies) have only two options to make mpney from their investment: through dividends or through value growth (or both). If the company is not paying dividends, it is unlikely that the shareholders would be willing to keep the shares (unless they have hopes for a change in the dividend policy). What also sometimes happens is that, in small companies, when directors' fees are paid out in lieu of dividends, certain minority shareholders, who are not willing to sell their shares, can be effectively excluded from any profits, which may give them a right to raise an action for unfair prejudice under CA 2006, which may subsequently lead to a buy-out by the other shareholders.