> the expectations to maximize shareholder returns

There is no legal requirement to do so. So they can simply set the expectation upfront that they won't do it.

And they are doing so. The S1 says they may never pay dividends (read: they are completely against it), shareholders get no say in how the company is run whatsoever and the company essentially answers to its own friends.

The only way to get return from ANT is to sell to someone else at a higher price, but they aren't promising that of course.

	▲	hollerith an hour ago \| parent [-]
		A no-dividends policy is nothing new. Amazon, Tesla, Netflix, and Palo Alto Networks have never paid a dividend at any point in their histories as publicly traded companies. Advanced Micro Devices hasn't paid one since 1995, Adobe since 2005.