Beagles don't understand delayed self gratification and want a full food bowl
10 cents on earnings of 30 cps in the first half had this divvy hound howling with discontent especially when he saw management investing money in environmentally sensitive capital intensive projects with highly dubious investment fundamental's.
The hounds heckles are raised when he knows management want to prance around looking pretentious and proud in their electric cars while said hound can't feed his environmentally irresponsible dinosaur V8 engine properly.
Now that previous management's folly of repeating earlier managements folly of Ansett all over again, (why Rob Fyfe and his team couldn't learn for the first fiasco is anyone's guess) is finally all but over they should simply repay out the full proceeds as a clear sign they will never transgress in such inappropriate expansion folly again.
They're a successful bit player, the 80th biggest airline in the world and that's their lot in life and simply accept it and move on.
Gearing by any peer comparison is modest for such a capital intensive industry. Management are all too keen to reward themselves with what many consider to be extremely generous base salaries to say nothing of their highly lucrative incentive packages and their ability to exercise and sell same with scant regard for sensitivities in terms of timing so now its finally time for shareholders patience to be rewarded at the peak of the aviation cycle, let the food bowl be full and lets all enjoy a decent feed.
No reason they can't pay out 30 cps in total, fully imputed. I'd post a picture of a beagle waiting expectantly beside a food bowl with his tail wagging if I knew how :)
P.S. Don't bother putting the popcorn on tomorrow, some posts are simply not worthy of a reply, the dog has other bones to find.
Good to see such confidence in the management
Love many, trust few, and always paddle your own canoe
Good advice to a budding young bean counter from a retiring executive over 30 years ago.
How did you get the photo of my beagle :) Kelly used to get the food bowl between her teeth and carry it over to me and put it at my feet if I didn't take the hint any other way :)
Once the owner has put the food in the bowl don't ever try and take it out...suspect the same principle applies to feeding certain cat's.
Anyway my days of thinking senior executives are there to entirely serve the interests of shareholders are sadly gone. This hound takes a more realistic view of how people often put their own interests first.