I was explaining a theoretical position.
The market responds oddly to dividends. The declaration of a high dividend tends to push up the cum-dividend price as it's seen as a sign of confidence. Deciding not to pay a dividend can push down a share price dramatically.
If they were not indicators of optimisim or pessimism, the declaration of a dividend should not affect the share price. With all other things being equal, the payment should reduce the price.
Obviously the market has decided that, in Ryanair's case, all other things are not equal.
Brendan