dividend query , page-9

For what it is worth- which is probably very little. Having had time to crunch the numbers on the SA acquisition I'm now comfortable with expecting TTS to payout div's of 7.5c and 8.0c based on the assets they now manage. That is 15.5c.
The company still has further upside potential due to synergy savings from "recent" acquisitions. I will always tend toward the conservative - to me TTS "promises" to pay a descent div with little downside risk to your capital.