As at 30 June they had 138M.
Take off $82M for the cap return + divvy and they have $56M + whatever FCF they have been generating since 30 June.
But, if the reported cash balance they are distributing 60% to shareholders.
Could they have done a bigger distribution? Sure...but they do need to be prudent and have indicated that CAPEX next year could exceed guidance if they really open the throttle on the new STB.
They could pay for that CAPEX using the untapped $150M facility and just pay shareholders every cent of the available cash. But they no doubt want to keep that full facility available for other interesting opportunities that may present in the future to give them maximum flexibility while also rewarding long suffering shareholders.
It is a balancing act, but the $82M is at the high end of the range that I was anticipating. And when you consider their cash balance is $12M lower than what I forecast, the $82M is a pretty decent payout.
Ann: FY2022 Full Year Results, page-16
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Last
$2.39 |
Change
0.030(1.27%) |
Mkt cap ! $326.2M | |||
| Open | High | Low | Value | Volume |
| $2.40 | $2.42 | $2.37 | $15.49K | 6.496K |
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| No. | Vol. | Price($) |
|---|---|---|
| 2 | 2600 | $2.37 |
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| Price($) | Vol. | No. |
|---|---|---|
| $2.39 | 4346 | 1 |
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