Ann: BHP Nickel West Operations, page-10

The ASX announcement on 29 May referenced the sale of five aircraft engines (rather than five aircraft) for gross sale proceeds of $25m (rather than a profit of $25m). This was useful from a cashflow perspective rather than being the focus on the profit boost.

Personally I’d be very surprised if they declare a dividend given increased debt levels and future aircraft purchase commitments. The 26 April funding announcement helps elevate the concerns raised by the Auditors in the FY24 half year review but I think AQZ is a long way off having surplus cash to pay dividends. I’d prefer they did a capital raise to reduce reliance on 3rd party lenders but I guess it’s a question of whether the major non-Qantas shareholders are happy to forgo dividends for another couple of years to save having their ownership diluted.