Ann: Becoming a substantial holder from CBA, page-7

Great analysis Gwaihir. Thank you.

I would be stunned if we see anything more than a 1c FF dividend and I think the CBA are betting the same.

As we all know, AMI is not in a similar financial situation when the Board declared a 2c FF a couple of years ago, and we have a LOT more shares on issue. So from a CBA perspective, it's a pretty sound bet and they can short these shares at least until the FY announcement in the next couple of weeks. From memory last year there was a long lead time before the stock went ex-dividend and we saw a lot of manipulation. If this occurs again this year then the CBA will simply "rinse and repeat" buying back a lot of cheap shares for a higher dividend yield.

Either way you are right Gwaihir, it will be interesting to see what they do.

All the best.

KKR