I agree ikhutch. It sends a very poor message, and is totally illogical given that they paid an interim last year when they were facing writdowns.
Probably has something to do with having three Leighton directors on the board - they are not thinking enough about the ordinary shareholder. Which is a pity when the share price is still on a 60% dicount to an NAV of $2.
That said, I think Devine is a decent business, and market conditions in their largest territory, Queensland, do seem to be getting better......
DVN Price at posting:
85.0¢ Sentiment: Buy Disclosure: Held
