The dividend is clearly not going to be 12-13c guys, do some...

The dividend is clearly not going to be 12-13c guys, do some basic maths. They are paying out ~50% of NPAT, and have provided NPAT guidance for FY13 equal to FY12 pro forma, i.e. $18.4m, prior to a pre-tax $2.5m carbon tax cost. So, on a net basis post $1.8m carbon tax cost basis (post 30% CT rate), they are giving guidance of about $16.5m NPAT. 50% of that is $8.2m, 93m shares on issue, equals FY13 dividends per share of about 8.5-9 cents.

This guidance is also predicated on store sales growth of about 2.5% next year and some stabilisation or slight improvement in margins, which won't be easily achieved in this environment.

Admittedly an ~8% fully franked (10-10.5% grossed up) yield is pretty attractive, but it's a lot less attractive than the 12-13% gross yields your incorrect maths is giving you.