However, the share price through January continued to show signs of being under pressure - sufficiently so that the ASX bowled the company a share price query.
In response to the usual ASX questions on whether the 2008 numbers would differ by 15 per cent or more came the bizarre response that it would do so in part due to the performance fee. Indeed, share price underperformance resulting from a fee for share price outperformance has to be a first.
It was on March 5 that the company dropped the real bombshell, that the distribution for 2009 would fall to 12c a security.
The volumes traded in the two days before this announcement are worthy of further investigation by the regulators because they certainly suggest there was a whiff of this news floating about the market. And investors are within their rights to question why this information did not emerge in any of the announcements in the days and weeks earlier.
7 or so weeks later and HDF trading at around $1.05 and looking good to deliver on the 12 cents per share PA distribution projection...great for those that were buying in at under 85 cents just 6 and 7 weeks ago.Brought into HDF today at 84 cents
Faded like a two pot screamer tight stops now, as she exhibited a lot of weakness today. et cetera et ceteraChugging along this morning. Having been watching this one for a while. Could be setting the stage for a broader move upward. A lot of supply was removed the last couple of months.
http://www.orbisfunds.com.au/reports/SMEF-QuarterlyReport2009Q3.pdflink said:Unlike many other utilities in Australia, HDF’s accounts give a fair reflection of the underlying business and its cash flows. The cash flows which HDF generates from its pipelines are sustainable, require no financial engineering and will grow with CPI given the nature of its contracts.