I think pretty much everyone would agree this is probably headed...

I think pretty much everyone would agree this is probably headed lower from here... so in that sense it's probably worth shorting. But where it gets low enough to go long is anybody's guess.

I honestly do think that market sentiment (negative) will overcorrect and push this into buy territory. In the short term, as noomxx pointed out, the full year div is going to be around 16 or 17c - that is a BIG drop from last year's 28c (which was arguably irresponsible at 86% of underlying EPS).

Given the risk associated with the restructure I think the div yield will go up to at least 7%. That would equate to a SP of around $2.40.

I think that's a reasonable target valuation on fundamentals. But I think the market will overreact and take it past there due to poor sentiment. So I think probably I would call under $2.40 a moderate buy, and anything under $2 a buy.