The relative size of the dividend is somewhere between the expected dividend return instos, super funds etc. demand (ASX50 club) and the opportunity value of the cash in the business to expand. The main reasons we'd be holding so much cash is M&A opportunity, tax liabilities and low relative cost of capital. If the economy tanks we move for assets faster than a pensioner at a garage sale.
Ann: March 2023 Quarterly Activities Presentation, page-35
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