Ann: Dividend Declaration, page-20

I didn't expect the special dividend either but happy to accept it, especially as its fully franked.

I don't mind them setting the dividend expectations the way they have, its actually clever the way they are doing it.

If the price decreases and the dividend is decreased then the market is told that TER maintains their dividend at 7.5c / share, the special gives them that flexibility as they are saying we are paying 7.5c dividends with a bit extra on top (lets call it a Christmas present )

We all know how the market reacts to negative perceptions, to be able to sell the dividend the way they have is designed that if the market price declines (as we know it has) then they do not need to present negatively to the market.