Karl Seigerling on the board of ARQ, page-4

I have held CDM previously and the dividend for me was one of the big attractions. My issue with CDM is that unless they keep making some decent year on year profits, the dividends will come from capital. CDM and Wilson LICS have mentioned in the past that in order to pay current dividends ( in CDM case it was 8c div/yr ) it needed to make around 12-15 15% profit - NTA growth a year to cover all expenses, admin, div etc otherwise previous retained earnings would need to be used and when they run out , CDM capital. With CDM rather dismal performance in the past couple of years this is not a great position to be in.

In ARQ case, I am assuming as Karl has said in the past he still believes in the business and its turnaround, I was just a little bit shocked that he didn't follow his long standing process/rules . But hey we all make mistakes, and I have made plenty of bad stock decisions.