I sold out fully on the announcement but after going back over the presentation I've bought back in. I didn't like their commentary around the dilution (re: dividend) at the time but now I'm more comfortable.
Basically they now have additional shares (from the dilution to buy SaverGlass) but only one month's contribution to profit. In that context and given the gearing it makes perfect sense to trim this dividend.
Next report they'll have the full SaverGlass contribution. Sure there's still plenty of risk but on a second reading I'm more comfortable with this report and commentary and see less reason for the negative reception on the day.
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I sold out fully on the announcement but after going back over...
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