div to be announced at agm tomorrow, page-42

I am told that BBI alone cutting dividend would have been bullish but both BEPPA and BBOI cutting was bearish as things must be really bad. Bit like RBA cutting 75 points! I don't subscribe to that theory because cutting dividend on BEPPA even with the cumulative impact of interest on interest is irrelevant as even that funding is cheap. So better to defer dividend on BEPPA and pay slightly more interest.

Big question is whether they sell the railway stuff. If that gets away ok, things will be better