They said they would raise capital at no less than $2 per share by September 2015, so you should be right. I would really like to see another $30m or so to augment the balance sheet.
If the second half plays out as per the graph in the last presentation, PBT should be circa $33m, or NPAT about $23m. The ROE is circa 83% before they raise capital. Should they raise $30m, ROE would still be over 40%, that type of ROE is rarified air.
If they reduce the dividend payout to something like 75%, I would suspect they could still maintain high ROE for a few years, whilst giving themselves about $6m annually to reduce debt, or reinvest into growth options. Based on the roughly 17cps they should earn this year, a 75% payout would be around a 6% yield, which is still very strong & well above market - Eternalgrowth
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