If you look back at previous announcements (and maybe the...

If you look back at previous announcements (and maybe the prospectus?) they've been saying that they would move to having a single annual dividend in 2017, so the lack of interim dividend really shouldn't come as a shock.

With regard to the loan, I must admit I am a bit confused by the whole thing. They will only recover $23.4m of the $34.4m outstanding, so it's a fairly hefty write-down just to get the cash back a bit sooner (remembering that ~$11m was due to be repayed this December).

If they need that cash for expansion and to increase sales then this is great news as it will find further growth. If it's just so they can sit on a pile of cash I'm not so confident that it was a good move. I'd really like to hear more about their growth strategy and how it's progressing before I made up my mind.