Ann: Appendix 4C - quarterly , page-11

Hello Morley,

It would appear that coo could pay a dividend despite having retained losses. This is due to changes made to the Corporations Act that were effective from 28 June 2010.

Basically the changes mean dividends can be paid based on the balance sheet position i.e surplus of assets over liabilities rather than the previous determinent being retained profits.

The ATO deals with the issue in its ruling TR 2012/5 http://law.ato.gov.au/atolaw/view.htm?locid='TXR/TR20125/NAT/ATO/fp27'&PiT=99991231235958#fp27

Hopefully this means coo will pay a dividend as they appear to be in a very good financial position now.