It seems to me with the detail provided that all divisions...

It seems to me with the detail provided that all divisions remain profitable and some even improving. On a fundamental basis if profit has roughly halved from pcp, albeit in a difficult and maybe temporary trading environment, then a worst case scenario would be dividends halving as well. Dividends paid last year roughly equate to 11 cents with a payout ratio of 80% and from memory about $70 million cash in hand. Seems to me at current prices there is a return of about 7% ff with the option of increasing the payout ratio or dipping into cash reserves to improve on that. For those with some foresight this presents a convincing buying opportunity given the temporary nature and current volatility of the market.