Sure a lot will be said in the coming days but with interest/funding costs where they apparently are and where it has left the share price, I believe SVR should have pursued hybrid funding, such as the issuing of convertible notes / preference shares. More difficult to do that now as the company is being valued as a yield play on next years forecast npat, not its NTA or other more longer horizon metrics and any conversion price would now be much lower.
SVR chasing their own tail.... a buyback now is more appropriate than maintaining a dividend payout policy that is as a percentage of npat (a figure that jumps around) but they appear to have locked themselves in to dividends without much to really show for doing so.
SVR Price at posting:
$1.15 Sentiment: Buy Disclosure: Held
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