Ann: Dividend/Distribution - UOS, page-22

I personally don't think a 0.5c or 2c dividend is going to make any difference to the share price........investors holding this for dividends are going to get taxed more than capital gains (given no franking credits), so the best outcome would be for them to deploy the cash and build and then rent/sell......i.e. generate higher profits.

Bit hard to capture this given the minority shareholder plus FX issues, but if we ignore both of those, UOS as a company reported the below net profit after tax for the previous 8-9 years......the issue is that sales have slowed significantly (minimum ~330m per annum in the 2015-2019 years,to $140m in CY23 and only $55 in 1H24).......the positive is they had plenty of cash to ride this out, but had to pivot to rent out rather than sell, but if they can't ramp up their sales significantly, then the returns on rental seems much less than sales - which then impacts returns for shareholder.

As I said earlier, IMO the dividend is neither here nor there (unless this is a permanent pivot to rentals in which case it makes little sense for most Aus shareholders to get their returns via unfranked dividends as opposed to tax beneficial capital gains), and its all about generating more profits.