reaffirmed earning should run to, page-11

dividend needs to be cut or suspended I think your dividends are certainly under threat. And for VGL's sake they should be cut substantially, if not suspended.

In 4 of the 6 yrs since listing VGL has paid more in dividends than it earns and the other 2 yrs the payout ratio was also high. How long can a company continue to do this?

The bottom line is that VGL has struggled to improve it's pitifully low margins. It continually talks about improvements in the pipeline but they never occur.

The only thing holding up the shareprice is the yield. Once the dividend is cut or stopped (as it must surely be), watch the shareprice fall.

By the way, why did they buy Ipex? A huge business with even lower margins than VGL's operating in a sector under real pressure. Dumb!

Cheers
BH