Ann: Quarterly Report - October to December 2022, page-14

However, they only have $96million available in the parent entity (yes more cash will come in during Jan/Feb), which is where the cash needs to be to pay a dividend to shareholders. The cash in South Africa can't be used to pay dividend to TER shareholders (without paying a dividend out of RSA to Australia - which isn't as easy as it sounds). Additionally the $17m in cash in RSA attributed to TER will not appear on TER balance sheet as RSA operations is now an associate, TER don't have control over it.

i am a little confused on your question. are you asking how much cash they paid out in the recent dividend? $79.9m. TER have around 800 million shares on issue, for every 1c dividend, they need to pay $8m.

The problem is they will go against their released dividend policy to pay out a $0.15 cent dividend (i assume you meant $0.15 not $0.50). Additionally a $0.15 dividend would be $120m of cash flow, they don't have that much cash available for a dividend (as at 31 Dec 22).

Based on my high level calculation, i think we will only see a $0.075 dividend, which based on the previous commentary in another thread from Coalhardcash, they want to pay a minimum $0.075 dividend each quarter (Highest $0.10 - which would be around 90% of NPAT). At $0.075 this would be around 70% of the quarter's NPAT (my calculations). For it to be fully franked, TER would need to have paid $25.7 million in income tax which would be achievable if management have thought ahead.