other than Better Beer... even MCL have flagged asset sales to focus on higher margin or better performing brands... tough time for brewers
In regards to the SP slide... I am one of the believers that a consolidation would have helped the SP... perhaps (IMO) a dividend (even a small one) would attract a different kind of holder... without an income from your investment, the only way to profit on SP is via growth or speccie takeover... holders are selling this down as they cannot see a gain being made on the SP... as you say - plenty of breweries already on the market... big beer appetite for TO at premium is probably pretty low right now.
That leaves us with what is best for shareholders of a profitable company (which is seeing its MC shrink) Debt to grow? dividends to reward holders?? or a little bit of both???
I am all for an east coast exposure, but I would prefer to see the SP fall stop and see something that could trigger a rise in SP right now
Growth, page-8
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