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I suppose on the upside someone is taking those shares... ready to make some money on a little pump... here's hoping..
in the mean time, down we go
certainly taking a long time to sort out one 'specific contract' !
Expecting another down day as Toby and co line up their pockets.
well everyone was in agreement with a divi earlier in the year. So why the turnaround?
They lost to all the other large holders combined. Personally, I think a dividend will happen but not for a while. It's not particularly tax efficient and won't help reduce the float nor compound the eps going forward.
Where they have also fallen over, outside of this most recent debacle & historya, is a ham fisted buyback and zero promotion of the company to a wider investor community. The float is also ridiculous at 902M.
SJL was the largest shareholder and favoured dividends (as did his ICM minions) . Yet, they lost to Toby and co.
The only holders that matter are the larger ones that can oust management. If they prefer a tender over a dividend that's what happens. I dont think the lack of a dividend is just down to management. Options for return of capital were likely run past the big holders and they let their preferences be known.
BB, they don't care about shareholders. They care about themselves. Pretty much all their actions reflect this.
They may even come out of this saga unscratched.
Toby and co = shareholder value destruction
The only way they can begin to salvage their reputations is to use the £3m allocated for tender offer to reinstate the "suspended' duvidend..
That whole dividend issue left a nasty taste in the mouth and was completely unacceptable conduct.
They bloody well owe it to us after this debacle.