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All those that held the shares would have benefited from the divi,so good for all shareholders-not just the major holders.Also,they are taking the Northacre brand global,which takes the Company in whole new direction...
The 40p dividend went to any shareholder-who held the shares 10July 2013-not only the Directors.Your missing something:To buy "prime" London developments you have to make the right conncetions.Lot`s of construction firms wish to get in.I work as a foreman-i know about the Industry.Also,the 35% is on any profits earned-so still a profit.Northacre is likely to payout more dividends in the future...I would think,also at least worth over one pound a share.So room to move here...
Think they have taken to much-on with two more university spin offs.Need to get some recurring revenues...License some of the mature portfolio.Or,keep tapping the market for funding.