I'm wondering if this converting into a div paying corp is not another way to get potential acquirers to pay a higher price for the company. I cant really see another reason for starting out with such a high dividend policy. was anyone really going to complain if their dividend policy was 5% or 6%?
the previous strategy that several other oil/gas companies employed of initiating a strategic review or an auction for the company have all resulted in, more or less, unspectacular results. Maybe this is another way to juice higher bids for the company if the sharks were circling.