Ann: Preliminary Final Report, page-5

Earnings were in line but sadly management has elected to slash the dividend to a level that does not reflect earnings, rather they have adjusted the dividend to the current share price. That is, they are paying the bare minimum relative to the current share share price so that the dividend will help support the price.

Even with the "waffle" from the Board to justify the decrease they still had the capacity to pay a higher amount.

Seems another case of this company's managements contempt for the small (suffering) shareholder.