VLW has been under selling pressure for quite some time now. I believe it is the general outlook towards the property market. The reason I'm saying this is I don't see any dramatic changes in the fundamentals, yield, growth and debt profile of the company.
Today in my opinion is a market-sensitive day response. The responses to these announcements don't always make sense and often function as catalysts for major moves, but not necessarily fairly so.
There doesn't seem to be a major holder selling either (unless there is one today) - the last one I can find is in February.
I am hoping it will move to at least the $2.30 mark as we approach the ex-dividend in September.
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