cl, re CHE- Thanks for sharing your conv with the CFO. I was surprised to hear him comment that the market does not reward their dividends. Historically, there appears to be a rather strong correlation between the divs they pay and their average stock price.
In 2007, they averaged a $8 SP with a $1.20 dividend payout (same as current payout)
In 2006, they averaged a $10 SP with a $1.43 dividend payout.
In 2004 and 2005, they averaged a $15-$18 SP with a $1.80 dividend payout. The stock started cratering in Q4 of '05. I think that was related to uncertainties relating to their pace acquisition plus their gulf operations were hard hit by Hurricane Rita.
Also, I thought that they were setup to minimize taxes by being set up as a canadian trust and I believe that requires them to pay out a high percentage of operational cash flow in distributions to stockholders (actually unitholders). In 2006, they paid out over 90% of their CF in distributions. I'm not sure what the minimum is but most Canroys are paying out 70% or more of CF.
At any rate, I think the market will reward them if they increase the divs.