Sadly the 2cps dividend is the right call under the circumstances (and I imagine there was quite a bit of discussion about paying one at all). The Cash balance has dropped by 273M$ with most of that used to repay debt (220M$) or service debt (36M$) so at least getting the balance sheet back in order has been good and will allow finance cost provisions to be pushed back into improving the business. The rest of the picture isn't great (TRIFR upwards, Production downwards, Costs upwards, Significant (really significant in Canada) write downs and ageing assets requiring substantial investment). Its time for some board changes and a new strategy - since it isn't entirely clear that doing more with the same is going to send this in the right direction. Holding in hope that there really is a stronger focus on operational efficiency going on (I am also hoping the NSW curve will keel over as well - so perhaps just dream time here).
SBM Price at posting:
$1.55 Sentiment: Hold Disclosure: Held
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