When you hold this much of the company, you can choose. I suspect Fiona Brown would also like the dividends. That said, you are right - it's more probable now that their capital management policy changes.
As for dividends and value - I'm not sure I agree. If I can safely lever up the company at a very low cost of capital, my ROE increases. Significantly. As an example, if I hold onto profits to remove the working capital facility, my return on incremental equity drops. It also changes DCF calculations, as FCF distribution pushes into the future. Said differently, a lazy balance sheet isn't always a good thing.
I'm not suggesting they'll do this, but it does change the valuation.
DDR Price at posting:
$8.69 Sentiment: None Disclosure: Not Held
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