RE:Reflections Loukas and the board will be aware a dividend would raise the share price
If OBE is being prepared to sell, they must think they will get a better time weighted return from this strategy
The performance bonus program provides an incentive for the leadership to maximize share price over dividends. The performance units don't pay dividends
They vest well into the future or when the director / exec leaves (ie someone else buys OBE)
It seems the incentive is to max production asap (without having to spend on new facilities) then find someone to buy the company
I previously thought they were doing the refinancing to get past anti dividend covenants from the banking syndicate
Based on the disclosure yesterday that thought may of been in error