Ann: 2014 Half Year Results and 4D , page-17

I must admit I'm disappointed.

Not with the result - I'm very happy with the figures but I am disappointed with the dividend rate.
By the size of the price drop this morning, I'm not the only one.

A dividend payout of 44% of NPAT would cost $30.932m.

So for an extra $9.8m the dividend could have been 25c per share.

I feel that that is a rate the market would have liked.

The announcement makes a big deal about the interim dividend being 3 times last years (5c to 17c) but the NPAT has gone from $7.7m to $70.3m (9.1 times).

At 31/12/13 the net cash position was $131.1M.
Paying out an extra $9.8m would not put too big a dent in that amount.


In my opinion, this is very mean-spirited.