Ann: TSI Fund Capital Structure Review Outcomes , page-27

re: Ann: TSE: TSI Fund Capital Structure Revi... Initially it made sense to me: "if 12 cent yearly dividend on 90 cents, then 8 cent yearly implies 62 cents share"

But the big difference is the 12 cents returned a lot of capital. This is an unsustainable practice. The 8 cents, the management tells us, is not distributing captial, but cash flow.

And I have now learned the terms 'structural review' or 'strategic review' across all companies means: 'we have too much debt, the current holders are going to take a haircut so we are viable going forward.'

So I need to search all companies with high dividends undergoing these reviews... and then wait to AFTER the review to get the real share price.

To sum up, I think TSI is in a good, good position now that they are paying 8 cents on 70 cent shares, and gearing has dropped heaps, hence interest payments less, and their debt is out to 2015. The world is once again going to look to be an unhappy place for those seeking to roll over debt in the next year or two.