LMNO plc pays an annual dividend. The last dividend (which it has just paid) was 8p per share. It is intended to increase the dividend by 2.8% per annum. LMNO plc's shareholders include institutions (typically pension funds) and a relatively substantial proportion of private investors. Critically assess the appropriateness of LMNO's dividend policy. Include explanation and evaluation of relevant academic theories alongside practical considerations. LMNO plc pays an annual dividend. The last dividend (which it has just paid) was 8p per share. It is intended to increase the dividend by 2.8% per annum. LMNO plc's shareholders include institutions (typically pension funds) and a relatively substantial proportion of private investors. Critically assess the appropriateness of LMNO's dividend policy. Include explanation and evaluation of relevant academic theories alongside practical considerations