Dividend cut 15 years ago

Interesting to see what happened in the past. From International Herald Tribune of 5 March 1993:

Peter Wood, its finance director, said the decision to lop 6 pence off the interim dividend of 12 pence a share was "a difficult decision felt to be in the best long-run interests of the group."
http://www.iht.com/articles/1993/03/05/zbar.php

According to Sharescope, the dividend for 1992 was 3.79p (probably adjusted for rights, etc) compared to 34p for 2007 - a growth rate of over 15%. Together with the capital appreciation (even at today's depressed prices), anyone brave enough to have invested shortly after the gloom following the dividend cut would have been well rewarded for the risk.