Thanks spider5. Given the high participation rate PTB has...

Thanks spider5. Given the high participation rate PTB has historically had in its DRP (no doubt in part due to the 5% discount), it made no sense to continue with a high dividend payout once the geographical earnings mix meant they couldn’t continue to fully frank the dividends. While the high dividend yield no doubt attracted a few shareholders, the dividend policy should produce greater growth going forward which is a net positive for me.

I take comfort from managements success in negotiating the impacts of COVID on the business over the last 12 months. Despite the tourism sector being severely impacted, PTB has managed to meat the projections made at the time of the early 2020 capital raise. If anything, the trading updates during the year have tended to be on the conservative side.

Assuming the world gets on top of COVID, there should be scope for a good share price lift once there is greater certainty on the outcome and it’s timing.