I was actually thinking a buy back would of been better than a divy. I'm amature hour when it comes to this stuff but shrinking up the float is always a good thing for investors! maybe this pull back is a good thing can buy up more of the float with less money? Definatally huge over reaction and panic selling. I'm buying more tomorrow, payday.
the company found out that they couldn't legally pay the dividend and, wisely in my opinion, have cancelled it.
The company knew perfectly well that cash divvies have to be paid out of retained earnings. From their first PR about the divvy, from 16 September:
8000inc today announced that its board of Directors approved 30% of company retained profits will be allocated for a shareholder cash dividend on the company's common shares for all shareholders of record as of 30th September 2010.
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