Change in wording on 'dividends'. Increased probability of delayed dividends into the future.
To understand this, one needs to understand changes in wording in 'Fed speak' ie central bankers. Its the same.
Future management guided Earnings decline.
Enough to spook the market.
I cut my position by 50% (yes its good value) but us small shareholders don't 'receive that benefit' through dividends. Our major shareholder also uses legal 3% share buy on market bracket creep (ie don't need to pay take over premium), as well as on general on market buy back to acquire (which increases proportional holdings), whilst we don't receive'.
The two above factors increased my confidence that the share price will fall.
I exited my 50% at just under 45c.
Now I wait, to time buying back in.
Two can play a game of this. Happy with my decision so far, especially with higher interest rates leading to higher cost of holding zero dividend shares.
SWM Price at posting:
40.5¢ Sentiment: None Disclosure: Held
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