highish divs and lower debt

Used my last few dollars to double-up my holding in WHG at open today at 86c. My thinking is this:
1) Will def pay a 4cffr div in august.
2) Fair chance firm will pay 2cffr special div in august.
3) Highly likely to pay 4cffr div in Feb.
4) 6c ffr div in August 2012.

If i'm right that's 16cffr=22.7c divs in 13 months. With SP @86c that's a 26.39%/13months equates to annual return of 24.3%. Fairly good in current mkt.

Debt has been massively reduced over past 3 years. Incredible effort considering everything firm/economy has been through. So question is: Can WHG sustain/grow earnings?. Clearly Mr Mkt doesn't think so. The macro for WHG is mixed. On one hand their main source of income is doing the accounts for SME's. This is often coupled with a financial advice service. As economy falters, SME's can only afford a 'no-frills' accountant. Hence, i can't forsee this side of the business growing. A sector that is growing is baby-boomers entering retirement and wanting a SMSF. WHG offer a full range of services in their specialised SMSF service. Going rate after fund establishment is $1500-2,000 annual accounting fee and $500-700 audit fee. Money-for-jam and no way out as it's mandatory. Another sector WHG have entered is 'training'. They offer SMEs a certificate IV 'how to manage yr business better' type training. These courses are next-to-useless but Fed govt pays WHG 3grand to administer the3-4day course. manner from heaven. So let's assume WHG can maintain earnings growth at 0-8%. Even at the lower level the divs make this share at 86-87c worthy of consideration imo.