That's confidence, page-6

You are dreaming if you think you are getting a 13 cent dividend next March and then a 10 cent dividend next September. So that current yield is backward looking.

These lockdowns are hurting all the discretionary retailers very badly.

Adairs also needs to pay the balance of $45 million for Mocha. There won't be much cash for dividends. At this stage I'm calling no interim dividend and a less than 10 cent final dividend next year. I wouldn't buy this stock based on yield.

We don't yet know if when the lockdowns end there will be an escalation in discretionary spend as happened last year. This time the lockdowns ending might coincide with the opening of borders domestically and internationally seeing funds directed to travel and the outdoors.

I have used the recent share price appreciation to trim my ADH holding. I am redirecting to SUL and BAP which will be more of a benefeciary to my expectation that the outdoors and travel will get the greater retail spend than the home should that theme eventuate.