Fair point that their stated dividend policy is still 50%-75% of...

Fair point that their stated dividend policy is still 50%-75% of NPAT. However I think there’s a reasonably high chance they post a negative NPAT for the full year. Even if they don’t, it would still seem reckless to me to pay out dividends when the company is in a net debt position, trying to integrate a poorly timed acquisition, and in the middle of a tough trading period seeing harsh double digit sale declines.

MHJ is a wonderful business & brand, but my goodness that acquisition last year was one hell of an almighty misjudgement