response from investor services, page-7

keith,

The cash alone is a 10% yield and would be sufficient to pay a tax bill you as an investor would probably owe on the 10.7 cent income per unit.

All things being equal then this means that there are 508,672,564 of issued shares and 7.4 cents per issued security will be paid as scrip so at most say $37,592,000 of worth of shares issued at say 36 cents (VWAP) means “dilution” of an additional 104,422,222 of shares on issue or an additional 21%.

That’s IF the cash component is only 3.3 cents. This will cost them $16,764,000 and we already know if they use their 81 million and clear the hedges out of the money of 40 million then there is enough there to push the cash portion up another cent or two if they wish.