I did the same, but at $32.47. Don't agree that this was a smart move on their part. I'd be #$%$ if I was holding this stock before the move. After the fact, it's attractive again. The market has spoken... I'll get out when I net 15% + dividends, hopefully at the 1 year mark.
Anyone who could real an income statement knew that this company was paying the very high dividend with leverage free cash flow. You can't grow earnings if all of your cash flow is virtually going out in a dividend to shareholders. Eventually the leverage situation is going to work against you in a rising interest rate environment. Was only a matter of time. Revs are declining somewhat and you don't get anymore shareholder or analyst interest with a 7% dividend versus a 4% dividend.
For the long run the Board did the right thing. De leverage your balance sheet to a degree. Reduce number of shares outstanding. Earnings go up. Pay a good dividend but don't mortgage the company to do that. Try and grow the business. I like it but of course I just bought the stock