dividends, page-216

In the Q2 June Cash flow report the dividend paid at $289,000. In the few weeks between their Q2 and release of the June HY they swapped out their Chinese CFO for an Aussie CFO. Their HY accounts were then audited by Grant Thornton.

The cash spent on Dividends reported in the HY was $182,521 (as per the Cash flow statement).

In the HY Consolidated changes in Equity you will see the correct accrual number for FY 13 which is $283,044. This is the number they owed in dividends for the single month of December in 2013, being they had only been listed for that month of the 2013 FY.

By the 3rd quarter they were actually saying net dividends paid (in terms of cash flow) were slightly over the $283,000 mark, being at $309,000 ($415 paid - $106 received).

I don't know who they receive dividends from. I would also have though that the CEO and others that had been involved prior to IPO might have been entitled to a larger dividend than the $283,000 announced, being that the IPO was irrelevant for their holdings. Perhaps this was just to make things tidy from IPO onwards.

In summary: cash flows report for the year to September that they have paid net dividends of $309,000, the correct accrual number owed was $283,000.

Revenues are expected to be close to $90,000,000 (over $43m by HY). We would hope to see profits over $10,000,000 (over $6.75m by HY).

If it is $10m, and dividend remains at 25% NPAT, then that is a 8.15% dividend yield at this price