From memory there are 159m shares. To pay out 15.4c/share would cost $24.5m or about $35m pre-tax. So yes, I agree with you on that calc.
On the other hand, IMO you are taking the worst of both situations - if the DRP was cancelled there would be no share dilution. If the DRP is not cancelled then they don't need to fund the full $24.5m. And what they don't need to fund will pay off debt and increase earnings/share.
So on balance, I think $35m is about the right number to be aiming for, and based on last years performance and nothing unexpectedly bad happening, I would suggest that is quite a plausible outcome.
I still think an SP of $2+ would be not unreasonable for this stock.
DDR Price at posting:
$1.55 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)