Ann: Results of Annual General Meeting, page-15

jw, it looks like the market has rendered any debate moot, and in your favour.

With a safe dividend as stated in the AGM address, and a low POR, EPW, for me, morphs into an almost pure dividend player/payer. Further the financials, keying in on: EPS, POR, operating margin, ROE and ROC; do not point to EPW as a dividend or value trap.

IF 2015/06 proves to be a high point, the growth story is on pause, the value story wobbles, the dividend story takes top priority in my portfolio. One quarter's miss, though ugly, can't on its own foretell EPW's future, (to which rightly so you're examining) again putting the yield front and centre. Nevertheless your points, excluding management, are compelling.

Once again, my thinking is the sp savaging is too great, therefore, based on the financials, this is a fundamental, not for capital growth, but for yield, BUY.

In that vein, switching to technicals, charts become guideposts as to capitulation and entry points. As such a tactical opportunity presents itself in my overall yield strategy.

Otherwise, the granularity of your research, if/when fleshed out is intriguing.

OV