I do think the decision by the Directors to cut back the dividend pay-out ratio to a paltry low 61% (last time it was this low was back in 2010) has back-fired. An extra 1/2c would kept the ratio at the same as last year (65%) at a cost of only about $500k. Certainly affordable given their positive cashflow and cash on hand.
Maybe the market sees the low payout ratio as being a sign the Directors are not confident about the sustainability of current profits?
Ann: FY2016 Results Release Presentation-MCP.AX, page-7
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