Hi GP,
l think it is worth pointing out that the write downs are paper only and the cash flow is real i.e. they have the cash to pay divs, so when can we lobby the board to start paying the divs out of available cash ?
there are many infrastructure and property companies with negative balance sheets [ dep write downs ] but paying divs from cash flow, so what is the difference ?
clearly if they pay the CMIPC div then it is difficult to pay the div on the ords as well which is why they want to get rid of the PC, but l would prefer to get a 14 c FF div on the PC irrespective of its price.
regards,
LZA
the cmi story, page-3
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