no one does equity raise to pay dividends but if they are not earning then how are they paying you dividend?
normal business comes with eps and then they give part of that EPs in dividends. Now, you might see negative EPs due to depreciation but even after adding back depreciation and movement in valuation they not earning 26c so where else they getting funding to pay dividends?
routine capital raise is bad no matter which business it is ... and this one did 6 to 7 since listed in October 2016 which is bad.
Ann: CLW FY24 Results Investor Presentation, page-9
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