As far as I can see the CFO did not have an adequate reply, What I find amazing is that to sit there an say we need to communicate better, and thus somehow the market will reward us is sticking their heads in the sand. To say that eliminating the div would not be meaningful to the cash flow metrics of PGH is ludicrous. Hold and pray is not a very good investment strategy. I don't know where PGH's price will go it may have very well bottomed, I will just have to wait and see. Volume and price action is the only thing us little guys have. I personally can't buy PGH based on the div alone, to variable based on their history. Will have to wait for news on asset sale. IMHO
I've been posting for months that management were nothing more than drunks with there head buried up the #$%$. They don't have a clue what there doing, they don't have a clue how to communicat with shareholders, and above all, they could care less. There own fat #$%$es and fat salaries is all there concerned about.
So don't buy it. People buy this stock becuase of the dividend. For all the years I have bought and sold PGH they have always paid a hefty dividend. I think the CFO was right on saying that they wanted to reward the shareholders who had bought at much higher prices and I think he is right. What's wrong with being shareholder friendly. This stock will bounce back BECAUSE OF THE DIVIDEND. These guys know what they are doing. With all the easing going on around the world with central banks the dividend in time will draw new buyers into this stock especially with the fact that they do not need any more borrowings for 2013.
Really, can't hear that "shareholder friendly" and "reward shareholders" any more because it's totally wrong. They rewarded them with an incredible decline in share price, cutting dividends all the way down and - most important - do not communicate with shareholders outside of the quarterly CCs by issuing letters to shareholders for example.
Best "shareholder friendly" action after a 50% decline would be a share buyback to put a hold on the decline.
you are an idiot. the stock has gone straight down with the dividend. the stock trades at 50% of NAV. It is a GUARANTEE value enhancer to buyback shares at this price. reducing share count is good for the dividend, dividends increase with less shares. How hard is this to figure out?