panel publishes reasons, page-9

Tapdancer

I hear what you are saying and it is a compelling arguement, however it is impossible to state that the "intrinsic" value by not paying a dividend to A Class shareholders is being transfered to ordinary shareholders.

Unless the ordinary shareholders can crystalise this value it is an irrelevant arguement. The fact that A Class must receive dividends (at least for the last 4 quarters) before ordinary shareholders get anything. If the company is wound up the A Class holders are gaurenteed $1.20. I suspect the board has no intention and no reason to wind up the business.

So in essence there is no value for the ordinaries unless they can actually put it in the bank when they so choose.

Supporting this notion is the fact that every quarter when the dividend wasn't declared the ordinary share price shoudl have increased by $0.029.