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@Tony - you might to be conflating the idea of a one year post-tax loss with insolvency? I doubt by any definition F&P are insolvent on the back of this loss. Whilst I haven't seen the numbers I would expect the net assets to be still fairly sizable, and although sometimes frowned upon, you can obviously pay dividends even in a loss-making year out of retained earnings. How right / ethical that is in corporate terms, is another question.