ditto. I suspect they have good reasons to expect enough internal cash flow to be generated starting later this year to be able to pay the first divi for 2014 which will not be declared until April 2015 or even later at an increased payout ratio. As for 2012 and 2013, the old divi policy for up to 8% earnings is technically still good and not payable until Dec 2014 if they declare the divi by Sep or later as they did in 2012 for 2011. I hope to see a gradual increase of the payout ratio to 15-20% of earnings for 2014 and 2015 and maybe 30-40% from 2016 onwards.
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