Well if I were them I certainly would not be happy at all. See...

Well if I were them I certainly would not be happy at all.
See below why yield means nothing if the share ain't growing over the long term.
Below is TLS both with the supposed "lucky" ones picking up TLS at the T1 IPO and then also the poor suckers at the T2 IPO...whatever..
Contrasted with another stock I have which existed alongside TLS over the same period which is a "low yield" stock. RHC.

Average Annual Return is if we average the total return over the time periods in question.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
1	Share	Price	Return	Periods	Total return	Average Annual Return
2	TLS	$3.30	$7.78	20	235.85%	11.79%
3	TLS	$7.40	$7.18	18	97.03%	5.39%
4	RHC	$1.62	$12.40	19	765.19%	40.27%

And in this example we are not even talking about the capital gains made on RHC versus TLS.
Even on yield, which is supposed to be the strength of TLS, a low yielding growth stock over time kicks it's arse royally.

If we do the same thing for the share price. Geez.....I know which one I want to own

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
1	Share	Price	Gains	Periods	Total return	Average Annual Return
2	TLS	$3.30	$0.35	20	10.61%	0.53%
3	TLS	$7.40	-$3.75	18	-50.68%	-2.82%
4	RHC	$1.62	$68.24	19	4212.35%	221.70%

What I haven't done is take into account yield re-invested in an annually compounding interest bearing instrument.
For argument sake we use 5%.
Initially I thought this would make TLS look better.... but it didn't.
The compound return per share from RHC still beat it quite a bit.
Overall then ......

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9
1	Share	Price	Gains	Yield	Compound @ 5%	Return per share	Periods	Total Return %	Average Annual Return
2	TLS	$3.30	$0.35	$7.78	8.84	$16.97	20	514.33%	25.72%
3	TLS	$7.40	-$3.75	$7.18	8.48	$11.91	18	160.95%	8.94%
4	RHC	$1.62	$68.24	$12.40	11.33	$91.97	19	5676.91%	298.78%

I'm not trying to bash TLS.
All I'm trying to bash is this obsession over yield in stocks..... yield can be great but NOT if it comes at the expense of growth! As illustrated.

Over and above what we see here, when you bring Tax into the equation RHC looks even better still since you can get a 50% discount on the CGT after 12 months... something you don't get on divvies....

I tried doing this accurately, feel free to let me know if something looks off or there is something I did not take into account.