Substantial Shareholders, page-23

FHC - the 1 cent dividend every six months can only keep a cap on the SP for so long in my very humble view. At some point the level of profits (should they be maintained) and cash reserves will take the decision away from the BOD - dividends and SP are going to rise inevitably if there are no really negative events - and none seem to exist at the moment.

Like you, I am a recent and small shareholder but am acquiring shares as I am able to. Like you, I have weighed up taking the dividend and the profit from the SP increase. I probably have come to a conclusion a bit earlier than yourself and will hang on and grow my investment. At least for another year or two. I suspect GRR will have improved on even what they are today so it will become a longer held share. To be honest, GRR looks solid and is delivering a better dividend percentage than the banks and I think that will even be a bigger differential moving forward.