In a simpler, more concise but highly sympathetic vein to the complaints of Graham Sellars-Jones (“Will ASIC act on Perpetual", Letters, September 9) and Ross Illingworth (“BHP overdue for dividend policy to hit 35pc of profit", Letters, September 9) about capital management at Perpetual and BHP Billiton, what of the financial geniuses at Macquarie Group ?
Subscribe now for unlimited access.
or signup to continue reading
With shares trading $3 below net tangible asset backing – book value, I continue to receive taxable unfranked dividends.
If this is the sort of capital management advice being given to Macquarie-advised corporates, no wonder mandates are hard to come by. Or could it be the leveraged staff shareholders are being preferenced to ensure their interest payments, ahead of all shareholders who would benefit from the retirement of expensive equity capital?
I think we should be told.
