Prudent management and a strong Board would/should have made provision for a reasonable dividend reserve. 39,000 shareholders cannot be happy with the misearble 5c payout.And to be so dependant on tobacco product sales!
I suspect a reasonably large cohort of shareholders would have been happy to see some capital retained to accelerate the repair of the balance sheet, and view that as prudent capital management.
As for dependency on tobacco sales, that tobacco sales have declined and yet Convenience Retail EBIT has still grown in mid-single digits can't be viewed as a negative thing.
(On the other hand, what is a negative thing is that much of the reduced tobacco sales through retail outlets has undoubtedly simply moved to the black market.)
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