Why the selling?, page-17

They will have to accommodate the Juno costs and start up capital - forgive my ignorance but is that factored into your math

Juno will receive $5M seed capital from JMS in return for 20M Juno Shares, which will be distributed amongst JMS shareholders.
Juno will try to raise $20M , 80M shares under IPO.

If we factor in the $5M seed capital it will be; dividend (46.1m + 2.7m - 5m) x 0.9 (payout ratio) / 1960m (outstanding shares) = $2.01c

Above is assuming that it will cost JMS only $5M and the rest of capital required by JUNO is raised by the IPO. Not sure if I missed anything here.