My summary,
It is a bit like the movie that launched Clint Eastwood.
The Good, the Bad and the Ugly
The good - cash flow of $388.3m; 30cps unf divi; Ankata on time, buyback commences tomorrow, $905m cash
The bad - Toro marked to market, FX loss
The ugly - $60m litigation expense accrual in these accounts.
It really is "steady as she goes" though. The market, IMO, is getting concerned that the exploration has not yet yielded anything substantial.
OZL holders should not expect fully franked dividends until this time next year.
I will listen to the briefing tonight and report more.
HT1
what can we expect?, page-7
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