There are four issues at play here: 1. the on-going failure to...

There are four issues at play here:

1. the on-going failure to either generate a decent rate of return from the logistics business or sell it (as articulated by aend003);
2. the risk of fall out from the finance commissions issue, in particular the potential decline in revenue over the longer term;
3. weakness in new car registrations in key markets;
4. there is a government grant programme which ends mid-year (mentioned on the APE thread).

FWIW, I view #1 as a timing issue. It will get sorted out eventually. #2, #3 and #4 are also affecting APE so I don't view the decline as company specific.

The issue for me as an investor is whether the company can continue to grow the dividend. In the short term I suspect the board will be conservative and maintain the current dividend. On that basis, I am happy to hold and am debating whether to top up at these levels or wait for more clarity.