The last six months volatility has been mainly self-inflicted....

The last six months volatility has been mainly self-inflicted. Holding back dividends to fund M&A?. Are you kidding? Why do they think investors own the stock?

A couple of quarters' earnings is immaterial compared to the scale of meaningful M&A. If you believe the M&A is more attractive that your internal growth opportunities, back yourself to persuade your shareholders to support the deal with new equity. I think management focus should be on operating excellence not M&A.

For me it's simple : operate your assets efficiently, invest in internal growth if IRR >25% (more accretive than M&A), prioritise distributing profits to shareholders and communicate your story consistently. Whatever you do, don't surprise the market. (For example by putting M&A ahead of dividends).

Your aim should be that the coal company you manage would be priced by the market on coal fundamentals plus a premium for reliable management (or at the very least not a discount for unpredictable managment / poor operating outcomes).

Surely they won't defer dividends 3 quarters in a row? Management created this needless uncertainty.

I may join @borano on the exit ramp if they stuff this up again.