ARC Hedging Strategy
1 billion in Hedging Losses $1.38 anually = .066 cents a quater in dividends (26.4 cents anually)
Really Unsecured
It really just comes down to them cutting the dividend in the end, that what they did last year and have never return it to shareholders, ARX Management just keeps coming up with new ways to spend share holder money, or loose share holder money.
Why don't they just scrap their hedging strategy, and say no dividends unless they can pay them from cash flow.
In fact that is what a lot of USA companies are doing now.
Shareholders don't want management to do share buy back on their behalf either.
IMHO