There is always a bit of an ambiguity when a company produces a big fat dividend. Sure, excess cash is nice to have (cash is king), but why do investors bother at all investing in the stock, if all they really want is to get all excess funds out?
Make up your mind: do you want to invest in the business or don't you?!?
A comparable kind of ambiguity came out of Reed Elsevier today. They will sell Harcourt (the educational arm), but the proceeds will be paid out to investors. The remaining business will be high growth, and yet management cannot see how the money could be wisely reinvested to earn a decent return. So now investors buy the stock (it's up 6%) because they applaud management not holding on to the money.
Why buy when you don't have high esteem of the management?!?