Takeover potential, page-9

0.61 is just net tangible asset of WLD that Morgans used to value because of lack of confidence to use discount cash flow or PE, EBITDA approach, UBS valued WLD at $0.77 and Deutsche valued WLD at $1 . I think after annual report, each broker will rerate WLD basic on profitability approach. I guess reason why WLD did not update the six vessels because of all vessels sailed before 30 June 2016 and I confirmed this information from http://www.marinetraffic.com

So, there is no material change on previous forecast which is between 23.5-30M underlying profit.

Dividends may around 2C and totally 8M, Wellard has enough cash flow and do not necessary to pay large amount of capital due to delay of Ocean Kelpie.