takeover and aquisitions , page-26

The SP decline has been about much more than market sentiment but this has definitely magnified it. People want safety of their cashflows ATM. They want to know that dividends will flow into the future and grow over time. No one wants to own a sleeping giant and there are plenty of them on the ASX which are priced at peanuts relative to their cash, assets and prospects. Its because of stability, people will even sacrifice safety for stability of cash flows which is a flaw in management's current conservatism.