Ann: Half Year Results Presentation, page-21

yes but like any infrastructure type investment there will be periods in which that stable dividend disappoints. The key is to understand why!!! Is it a short term cut to dividends, a long term cut, is there risk of dilutional capital raisings which permanently cut the dividend on the initial investment.

I don't sense any of these.

And my long term hypothesis is intact.

In the short term the market is a voting machine, in the long term a weighing machine. Dividends from a company point of view, are excess earnings above the internal capital generation requirements of the company. Sometimes the company needs those internal earnings to grow. This is the case with AZJ now.

So I am prepared to be patient. Especially given the 'barriers to entry' around AJZ.

But because of my portfolio size I cannot buy into the share market reaction. This is total portfolio risk control on my part. If my position was small in the portfolio, I would have added. Total risk control is always very important. Having said this, if Mr Market gives me the opportunity to buy near $3 then I will.

Risk adjusted return: return on my portfolio and return of my capital.