Miclyn sinks dividend boat

Management took out its final dividend in its full-year results, taking analysts by surprise.

Marine engineering group Miclyn Express Offshore (MIO) have found a new way to do over minority shareholders. Management unexpectedly ripped out the final dividend when it announced its full year result.

The move caught analysts by surprise with conspiracy theorists accusing the group of trying to hold down the share price to the benefit of its major shareholders, private equity groups CHAMP and Headland.

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