During the conference call they gave no guidence on the dividend and in fact they avoided the question all together. This is why you are seeing the stock go down and with no update on the dividend until April we will probably be back in the $18 price range.
The payout ratio for TEO is probably too high. They cut the dividend in half and still be paying a healthy dividend. From a fundamental POV it is TEO's earnings outlook and the stability of Argentina's economy and currency that is more relevant that whether TEO continues to payout over 50% of earnings as a dividend.