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2 Responses
You state the dividends and their growth incorrectly – the one to focus on is the stapled dividend which has stayed at 9.91cps for the last 5 years while at the same time the Directors fees and Chief Executive income (cf2018) have increased by 53 and 129% respectively. This shows a poor alignment of executive and Director income outcomes with shareholders…the former just poor governance. Chair has been in role too long.
NTA of 2.28 a share vs share price of 1.67 market reflects market’s lack of belief in getting an acceptable post costs return from management vs owning the assets directly….maybe time for M&A or windup and shareholder distribution of capital.
Hi David…thanks for that, you’re quite correct about the dividend. In terms of Tim Storey (Chair) we note the commentary around him stepping down during his current term. We’ll need to keep an eye on directors fees heading into next year; SPH review them every couple of years. Last year, the overall payments for each director seemed within market comparators, although we were a bit concerned aboiut the potential use of headroom.