Ann: FY19 Half Year Results Announcement Date, page-24

Nice downramp

The reason other businesses are being acquired is nothing that should not already be known: tightening regulation is slowing down the personal injury market. Changes in Worker's Compensation laws alone in the last few years (remember many cases run for that amount of time) have led to a reduction in the amount of money victims can actually win, and thus fees that lawyers can charge. 

The business is not blind to this and that's why there's so much banging on about diversification. Shine are obviously taking the view that it is better to buy well run, functioning businesses than it is to compete with them in other, more stable markets (like family law).

Don't take initial market action as a view to the fundamental direction of the company. I don't see today's results as a reason to sell, and a slight increase in the dividend should be seen as to the fact that the company is still very much swimming 3 years after the watershed. 

Share price is currently at only two thirds of book value (.91).