Rather have no dividend than a CR. Mind you OCA is a good place now to place your free cash, with the uncertainty and inflationary aspects of the economy.
There are positives. Not all bad news.
1. There is no fire sale of surplus assets, at least not yet.
2. Even though the SP dropped by a few cents today, the no dividend should have been factored into the SP already.
3. More than likely a dividend will be paid as a final dividend..
4. NTA of double SP. With construction inflation so high, OCA will keep retaining an increasing value.
5. A sale of any surplus assets will definitely point to a future dividend.
6. Charges and earnings will catch up with the value of assets in future periods. After all the sector is not a charity, or a not for profit.
But annoyed that the continuation of this company should be for the benefit of shareholders, not residents and the elderly. We have these investments for investment returns and the Directors have lost their focus. Growth is good but not at the expense of investment returns to shareholders.
Lastly who buys shares in companies that have a NTA less than market cap at an SP that is at is zenith while paying a dividend. There is a potential for failure as well.
The best shares to buy are profitable companies, with excess NTA over market cap, with inflation proofing built in, temporary dividend restrictions to advance growth, in an industry which is temporarily depressed, but with a decent future.
At least that's what I'm telling my wife, and I will continue to hold, not that I have much choice.