Whisky, I always like your measured and balanced views. Largely...

Whisky, I always like your measured and balanced views. Largely I agree with you around overselling, but in this case no communication at all around plans signals to shareholders that the company will sit on cash and not return to holders. There is no doubt that this is one of the highest value stocks on the asx and if it tests 50c will have EV close to 0, but with no clear communication and regard to shareholders (not just in words from michelle to individual holders, but officially with an actual plan) trust in the board is lost by shareholders. As far as I am concerned, at any point they could announce that they are dishing no more divs anymore. A fair communication example to holders would be something along the lines of : we recognise that record profits have higher expectation of increased divs, however we are holding back on increasing divs temporarily to monitor IO pricing movement and to get clarity on growth plans around either underground expansion, southdown or other m&a opportunities and if possible would look to provide a special div to reward our longterm holders based on ex date of xyz..

without any comms as well as no IO pricing hedge put in place (as i mentioned before, like FEX did) all trust in management and board is lost and there is only one dirrction this stock is going...down.