Ann: Webcast Recording for FY24 Results Presentation, page-28

Australia is one of the only markets in the world where the investors are infatuated by dividends. And this is largely a retail driven phenomena. Instos don’t care about dividends as you can easily create your own. It’s because a big chunk of the demographics retail investors in Australia are often boomers/retirees and they are the ones who benefit from franking credits and of course are also living off the income in retirement etc

There is no benefit in a company like PNV paying dividends right now given where they are in the growth journey as it would signal a lack of internal growth opportunities which is definitely not the case; but also their revenue is largely global (so taxed outside of oz) which means dividends don’t even have the benefits of franking credits.