Tibbs said :"Thats a hoot .. they could pay you your 6 cents,...

Tibbs said :

"Thats a hoot .. they could pay you your 6 cents, then in so doing sink the company."

What a lot of carp. What has actually changed since they raised the money? The value of the stock has gone down to 21c. That's it! The fundamentals are the same.
The allocation is still there to pay the 6c. The 6c is actually a repayment of capital, not a dividend so the capital is still there, the project is on budget and time.
The Directors just elected to rip off the investors who have been there since day one and the only reason most were gutsy the share price slump out was because of the dividend.
I suppose you will now say BBI's 10c forecast dividend for 2008/09 is not realistic because the share price is 41c giving a yield of 24.3%. If the earnings are there, the share price is irrelevant buddy. Tibbs, back to Accounting 101 for you. Some people on this site have absolutely NFI.

By the way, I have never owned RCY, so not talking through my pocket, but do follow infrastructure stocks so it is on my watchlist.