Ann: WGB announces 10% increase in FF interim dividend to 5.5cps, page-5

One thing that is extremely clear and I hope is now clear to the Board is that they should definitely favour outperformance and dividend increases over merger / acquisition to grow scale and increase management fees collected. Discount to NTA has opened up substantially again post the merger with TGG, cash reserve has dropped markedly impacting dividend coverage. Disappointing to see the Board endorsed a strategy which has proven to be to the detriment of existing shareholders thus far. 10% increase to the dividend versus a 25% increase on WMI and look at the price action. Very clear the strategy they should be pursuing moving forward. Bigger isn’t always better…