Ann: Ceasing to be a substantial holder from SOL, page-50

Nothing to add really to what's been said. My best guess is an improvement in the SP would come from a takeover bid for TOT. Given they've some experience in the debt markets these guys and with the context that the US yield curve is still slightly inverted you'd like to think that interest expense would not be too materially different from the run rate that has been variously estimated.

They have excess franking credits that they are passing onto shareholders with the dividends. Once this is done maybe the dividend policy will change. In the company's 24th August 2023 presentation they stated they have 3 years of fully franked distributions at the 6 cents per share.