Ann: Downer defers payment of Interim Dividend to September 2020, page-34

I disagree on a number of fronts.

1. The date that you are drawing between the accumulation and the selling also co-incides with legislation being passed to allow people to draw down $10k from their super funds. Super funds have been converting securities to cash in preparation for this. Change in shareholding announcements have been popping up all over the ASX in the same timeframe.

2. Prudent cash and capital management would be exactly what super funds would be looking for in an investment. Downer is essentially a cash business. When standing down staff cash still needs to go out the door to pay staff on leave, etc but a necissity to protect earnings. Downer by no means Robinson Crusoe in this regard. Longer term stability much more important than timing of an interim dividend.