The Countplus Ltd (ASX: CUP) share price has certainly had a disappointing end to the week.
In afternoon trade the accounting company's shares are down 13% to 51 cents.
What happened?
This morning the company provided the market with an update in relation to its strategic review and made changes to its dividend policy.
According to today's release, management has conducted an extensive strategic review of each of the 19 member firms within the Countplus network.
Following a review, the company has decided to sell three and merge two member firms that were acting as a drag on its performance.
The three member firms that have been sold generated an aggregate operating loss for the 2017 financial year of around $160,000.
Furthermore, investors appear disappointed that it has revised its dividend policy to move from quarterly to half-yearly dividend payments. Management will aim to pay out between 40% to 70% of maintainable net profit after tax and minority interests.
