RE:RE:RE:RE:SWP is a good choice there are some serious cash costs still to complete the structure - $31 million as at Sept 30th and so that is large relative to the current size of SWP.
the dividend is not a zero risk yield - then again no dividnd is zero risk - - but if the rollout on the expansion hit a wall, this cash drain would be ripe for a cut.
they have to balance the capital expansion of the building, the growth investment expansion and the diivdend capital return to the shareholders so there are a few balls in the air.
on the plus side, they have an net investment in working capital that is really strong - $26m tied up in receivables and inventory and the liabilities are $7.5 m leaving almost $ 20 million on the table. that is well over a 3 times coverage so if they dropped that coverage down below 2 , they could immediately access $7 million of their $18 m line of credit. strikes me as a sensible move