good buy, page-9

Re Dividends

It has already paid out the 13c of the forecast 26c so expect another 13c to be paid Sept 08.
On a 90c price that's a yield Tax Deferred of 14% for end June 08 half.

Lets look into FY2009
Higher interest rates then start to bite - on my numbers
Interest 232M
EBITDA - say 320-350M tops
say intest capex of 30m - they have flagged a requirement for 30o m capital

that leaves at best 90m in distributions therefore FY 09 yield of 14% for the full year FY09.

Lets say more like 60m for distributions (WORST CASE) - divide by 709m securities equals a distribution of 8.5c - that would still give a yield of 9% tax deferred