Yes if it had growth it would be a totally different story and...

Yes if it had growth it would be a totally different story and you would have everyone jumping on the gravy train. The Victorian expansion is slow and with the closure of the Sandringham office obviously is hitting some road blocks. Maybe instead of doing franchised offices they should be having company offices in Victoria.

I don't see how they can reduce the dividend when it was 2.5c ($4,171,250) H1, of which 1.5 was a special dividend one off from the sale of the home loan business. So the real dividend for H1 was 1c. This is less than $2M paid as the normal dividend, when EBITDA was $14M. The dividend in that regard should be stable. I don't think he will want to sell out yet though, as if he wanted to retire he wouldn't have come back and would found external management.