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Table 1.3 – Historic dividend payments by Wynnstay

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Paul says:

The dividend virtually sets itself. If we were unable to extend the dividend by the expected amount we would probably find it necessary to give an explanation to the market.

He says that the board effectively only has to decide the odd decimal point in the dividend level and “there is rarely a big discussion”. As finance director he has an understanding of what the market is expecting and proposes what the dividend should be, possibly after chatting to senior colleagues, before presenting the results to his fellow directors.

The Dividend Investor

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