They are not going to win any friends by removing the interim dividend for the second year in a row.
This was a blue chip company paying good dividends. It was never a growth story, the policy has always been conservative. The redevelopment story has been similar to this ... conservative rather than explosive.
Cancelling dividends puts the company in no man's land ... no growth in the sp, inadequate dividends and conservative philosophy will make it particularly unattractive to investors.
There is certainly not enough growth in this story to compete with the new BNPL players, and with the decision to completely repay their corporate debt they have plenty of resources on hand to fund what little expansion they intend over the next year.
It's a solid result but really .... nothing to see here.
They are not going to win any friends by removing the interim...
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