I am shocked by this drop.2 Apr 2012 20:07
They were supposed to be increasing shareholder value with this strategic review not flushing it down the toilet. The PSPI website still quotes "The net asset value per share was 154.63 pence at 31 December 2009". Even with a significant write-down of property assets the shares are surely worth more than 35p. The threat to cancel the dividend was a double whammy.
I never thought this was a risky share when I cashed in a chunk of my Aviva holding to buy in. That'll teach me for chasing yields.
GLA - fingers crossed for a bounce tomorrow.