Ann: Recommended Cash Offer to Acquire Trident Royalties Plc, page-90

Here's the thing ,,,,its more than "just" an over payment .....royalties from Trident , IF they come to fruition , are some 4 years away AND after this years final dividend they are cutting their pay out ratio to 50 % of NPAT.....so last year they had royalties of $230m with a final divi of 16.85c so this year we have Royalties of $240m with a 96% margin or 66% NPAT ....so their NPAT should be around $158m equating to a divi of $158m (100% basis) or 29.89c per share for the year or for the half year until 30 June of 29.89 less half year divi of 14.89c or 15c per share FF.
So this gets cut by at least 50%....so at $4.50p/s it was around 6.6% yield and at $3.80 a share its 3.9% for the next 4 years....this assumes an iron ore price of $120USD/T but now its $101USD/T so you can cut another 20% from their NPAT going forward...All this is all my own calc's etc DYOR....