at all reporting dates since they announced the 1.4 to 1.6x Pca capital target they have announced the PCA multiple on a pro forma basis taking into account the proposed capital returns. This allows HLI to show a flat or declining PCA number ie. That they are at least not getting further away from target.
the question for tomorrow is how they can embed sufficient capital returns to allow a pro forma PCA múltiple heading in the right direction.
I fear there will be a franking constraint on dividends given I am not sure what franking credits will be available if statutory profit not that high due to the accounting changeover to APS17. Ie . The $200mil of balance sheet assets that changes to being debt under aps17.
excess reg capital, page-4
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