RE:Dividend Protected by Low Total Payout RatioThat presentation was prepared by the former management. They are the ones who previously rejected the whole company takeover offer from Waterous at over $4, without notifying the shareholders and decided to buy back shares at $4 per share, without using the money to pay back the mounting debt. They have also cashed in their shares recently, look at the diluted shares number change. Former management sucks, they did an IPO at $19 per share and look at where the share price is now. Yet, they banked millions in compensation over the past years. 77% total payout ratio does not take any debt repayment into account, so Waterous had to step in and make the new direction. Anyway, it's good to see John Rooney and Jim Artindale retire. They were not planning on retiring, otherwise, they would've sold the company when the offer came in at over $4 per share earlier this year.
Waterous should just make an offer to take the company private at this point. Though I don't think the market is expecting that either, institutions would be buying if they were expecting that. It takes about 3 to 6 weeks for the business evaluation, so not sure where Waterous is at.