I'd actually like to see the dividend reduced. Let's assume the...

I'd actually like to see the dividend reduced. Let's assume the dividend was reduced to a rate which yielded 5% a share, or around 7.5c a share at current prices. This would leave SWM with an additional ~$32m a year with which to reduce debt, surely there's not too many shareholders out there who are disappointed with a 5% fully franked dividend?

This would serve not only to de-risk the company via a strengthened balance sheet, but if/when the media ownership law are ever changed, SWM would be in a position to pounce without either a) taking on a massive amount of debt or b) tapping the shareholders for additional funds.