Member Info for Krustysmegma

Hi Stockready1, I've been here since 2008 and luckily free carried these days (helps offset my losses elsewhere). The dividend is of more concern to me than any legal threat. Unlike other builders, the divi is based on the NAV rather than profit or FCF. That means, for now anyway, it's not fully covered (c. 82% according to Shares Magazine). So, as you rightly question, can they continue to pay it for the next 2 years? I really don't know, but I'm enjoying it whilst it lasts.

I also hold RM Infrastructure Income. It's in wind-down as it's been consistently below NAV for years and the II's got fed up of waiting. They've been tendering for shares based on the NAV, so I've been able to sell approx. 1/3 of my holding (so far) at the full NAV. The share price has held up pretty well considering, and they still pay a (reduced) dividend. My hope now is that RM take over here and do the same thing.

Sorry, my mistake. From the Chairman's statement: "As previously announced, a special dividend of 3.0 pence per share is expected to be paid towards the end of the calendar year, in line with the monetisation of the Big Rock ITC. In light of this, no additional dividend will be declared in respect of the quarter ending 30 June 2025". So that appears to mean no ordinary dividend payment in October. I'm guessing we'll get 1.5p of special dividend in October & 1.5p in January 2026 but who knows? dadean, it makes no sense at all as you say, but that's what they've told us is happening.

Whitelye, "the Board intends to pay a quarterly dividend of 0.75 pence per share, with the first payment expected in respect of the quarter ending 30 September 2025" so looks to me like q2 (Dec) will be ordinary 0p, special 3p (in 2 instalments, unless they change their minds again).

XD today on the final 1p/qtr payable 15 August but I'm guessing you knew that already. Beyond that, nothing declared.

Peterg40, there aren't any.

"Minimum divided 2.25p next year"

Just listening in. Let's all sound really positive and pretend nothing's wrong...

BESST, are you addressing your comments about "unrealistic" dividends to us PI's, or the fund managers who were also taken in by what they were told and invested significant amounts of their client's monies here?

The Trotsky, please please leave it now. You're beginning to sound ridiculous.

"The only thing the BoD is possibly accountable for is being too optimistic in the face of change and maintaining the 7p dividend longer than perhaps they should". Possibly too optimistic?? They've lied and lied again about their portfolio's ability to generate dividends, this morning the chickens have well and truly come home to roost.

"most long-term investors would not benefit from a sell off at, say, 75p". This investor would. But we're not going to see 75p, let alone NAV, unless by some miracle someone appears out of the woodwork to end this horror show.

Shocking, absolutely shocking.

There it is again:

Jackanory, Jackanory, Jackanory...

It just won't stop.

I guess we all have our reasons for investing here Sam. Mine was to collect a decent dividend and hope for some capital appreciation, or at least preservation. I assumed, when the merger happened, that the enlarged group would pay a slightly higher dividend and generate more profits from their activities. In fact, that's what they told us would happen. If I'd wanted to keep cash in the bank, I could have done that myself. So far, they've said nothing about scaling back costs in line with a fleet of 8 vessels. Or perhaps they intend selling the rump of the fleet too? I'll wait & see what they say next Friday, then decide what to do from there.

I think the NAV question is now irrelevant Sam. It's all about vessel sales and possible buy-backs down the line. If the world economy weakens significantly (Donald is doing his best) then this could work out fine. But if the tariff wars are settled and things pick up it could be end of story. There's plenty in the pot to keep paying the dividend for the time being, but that can't last indefinitely with very little revenue coming in. It's a gamble now, pure and simple. In 3 years time we'll look back on it as either a masterstroke or the undoing of our investment. I'll be honest, I don't know what to do next.

Yes, interesting day to come tomorrow for sure. GSF presenting on Investor Meet Company at 11:00 in the morning for those interested.

Thanks Mike, hope you're closer to the NAV than I am. With the fleet down to 17 vessels, do you think there's a danger someone will come in with an opportunistic lowball bid to take us out?

I think it's when The Donald gets a round in, so don't hold your breath.

Let's hope so Sam, as you say. Looking forward to results because they've often been better than anticipated by me and others, hoping to see another rabbit appear from the hat. GLA,

...and the update wasn't that bad! Added there.

Added here. Ridiculous reaction to results IMHO.

See RNS's, £50k today & £250k last Wednesday.