Ann: FY25Q2 Quarterly Activities/Appendix 4C Cash Flow Report, page-5

I think they'll declare a div in February. The board's incentive here is to ensure the options are exercised. Option holders don't receive dividends so declaring a franked dividend is a powerful lever to get option holders to exercise. The options expire on Apr 30th.

The div is likely to be a small one, although if it's actually paid in April say they'll have a few more months of cashflow to cover it. It wouldn't surprise me if they took on a small amount of debt to fund an interim dividend (say a few million), which could be repaid in Apr once the options are exercised.

And then once the options are exercised, I think we'll see a special dividend.