ALPHA AIRPORT IS NEXT FOR A BID

edjgee,

I had an exchange of correspondence about this with CEO Peter Williams because most people, like yourself, did not pick up from the Interims that a cut in the divi has been flagged up.

("The Board has reviewed its future dividend policy. Whilst it is intended to
retain flexibility regarding future events, the Board recognises the need to
balance dividend payments with medium-term free cash flow generation and to
maintain a level of dividend cover consistent with a progressive dividend
policy. It is therefore the Board's intention that the Group will maintain a
dividend cover of not less than 2 times pre-exceptional earnings; this policy
will apply from, and including, the year ending 31 January 2007.")

Last year's divi was 4.2p/share. Earnings per share were 5.74p. If they applied their 2xcover formula, that would result in a substantial cut. It may be the right thing for the company to do but I was not happy with the way they tried to sneak it out without anyone noticing and it may bite them on the bum when they announce their 2006/7 results and people understand what is actually going on.

Regards, Ian