not so smart?

I can't believe they've done it again! Regardless of the results which don't look too bad why do they dump on us the news that this year they aren't going to pay a dividend? I think last year they surprised us with no half year dividend and then carried out a capital raising soon after at clearly a discounted price. When that happened I thought to myself, well they've learnt their lesson on that one. Then they do it again!

Now they shock the market with no dividend for the full year and then say we'd like to raise some money! Why would you do that when you are likely to reduce the share price in the short-term because of that news which I doubt was expected? Now they are carrying out a capital raising at 35cents! Geez! They are doing this after they've had some good coverage in the media as a stock with great potential.

Perhaps they could have given us some warning about this? Reliable dividend paying companies are gold in an economic environment like this, they've just gone and stuffed it! I don't know what their dividend policy is but it seems to be decided the night before the announcement! Really disappointing TSM! Commencement of paying dividends in 2H of 2012, really???