SRV have had over $90M in the bank for several years and could...

SRV have had over $90M in the bank for several years and could have conservatively increased the dividend at any time in that period. And didn't.

I can see your point, it could feasibly be valid re the lower capital requirements, but personally I don't buy it. I do believe that companies with a very large single shareholder in an Executive role are very loyal to their shareholders and do not like delivering poor reports to the market. Hence my view on the sweetener. Same fact but we have a different perception. Move on.

Lets see what the market commentators say in follow-up. But I think the US picture is now somewhat nasty. To stay with SRV long term, one has to stick to the global picture and analyse the half yearly when it comes in a bit more detail.

SRV will be in the doghouse now for some time. The market doesn't reward cash in the bank, and increased dividends on lower profit.

Cheers
Gosouth