Dysfunctional dividend policy have ever seen in my life and that actually happened by accident that I latched onto it close din and I was asked to do a very strange project by British Petroleum they asked me to fly to London they flew in of the brightest Petroleum Engineers into a room and they said teach them all the corporate financing need to know in two days and you know.
what today’s was more than enough these guys were bright their numbers oriented a guide to get this is all there is noon is here for the census is the hides behind all kinds of words but this is what he’s doing but in the process of doing that I actually decided to use British Petroleum as my example because what’s the point of talking about Disney to a group of Petroleum Engineers so.
I went through the cost of capital everything that you’ve done a project I get to the different section i computer free cash liquidity and I come up with million dollars remind me again how much different can accompany million free cash or equity pair about million roughly speaking right over this ten-year period British Petroleum paid out a billion and a half every year at about a billion more than they have available free cash or equity and every day went to the bank and border extra billion to make up the difference and by they were a basket case of the most highly leveraged oil company in the world and everybody.
knew they had different problem including the janitor who wanted a new broom and they said not this year we need to every pound we have to pay difference between this is problem that was festering for an entire decade.
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