I have been involved withh finacial engineering for a long time and sometimes  you outsmart yourself and it turns around and bites you really bad . I  frankly believe that management miscalculated  both the timing and the short term effects of the reoganisation .  They did see the very negative short term impact on  the price  or they received bad advice . All the analysists I read were speaking of a slightly positive  effect .In the the mid to long term this may be true but not short term .

There is nothing wrong with the fundamentals of the company . Also why would they cut the dividend now and get more egg on their faces . Last year they had a perfect opportunity to make a cut when the share price was below $7 ( yield I believe >11% ) and they were staring down  a debt  repaymnet of some $750 million .