dividends

Hoping someone can fill in a few blanks.
Looking at BSL's dividend history, there is a long way to go potentially for the dividends.
Of course that depends on profitability.
There are a number of headwinds. The main one is that margins are being squeezed by lower steel prices and higher coal and ore prices.
Competition from china is supressing steel prices, whilst demand from china is pushing up coal and ore prices. The high AUD hasnt helped with offshore earnings.

All the above is easy to evaluate, and it is hopefully a cyclical set of prices that will resolve itself in the med to longer term.

But what I am seeking advice on is how did the capital raising dilute EPS? From what I can gather there was a $1.4 billion capital raising completed in may 2009 at $1.55 per share. Current market cap is $743 million. There is cash of $251 m or 69 cents per share.
The capital raising seems to be quite large given the above figures. Any idea where the money went- were there significant acquisitions since 09 that will contribute to growth going forward, or was there significant capex that justifies managements claim that there will be cost savings of 526m this year and $340m per annum going forward.

My aim is to assess where dividends may be say in 2 years assuming a more normalised trading environment ie steel price recovery to match the increase in base material costs.

Can we ever expect to return to 40 cents plus per share dividends? Even at 20 cents FF its a greta investment over a 2-3 year period.

Look forward to hearing from some of the longer term holders