2ic, you might go on the 4pm AWST call this afternoon and ask Tim yourself. There were only two questions this morning and plenty of time for more. They've been thinking about this for months and I'm sure they'll have well considered answers for you.
With operating cash of $105M USD for the year just gone and uncertainty on timing for Toliara, IMHO the only sensible option is to start paying out dividends, that are sustainable for a century (IMO) based on what's looking very, very likely to be in the ground in Madagascar. And the dividends are most likely to stay at this level or grow(significantly). This is the path that gets us to a proper share price and that higher share price IMHO will significantly reduce the overall number of shares needed to fund the project. Therefore lower dilution.
Ann: Dividend/Distribution - BSE, page-18
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