a few points, page-11

hey emark,

at this point there is no doubt the exceptionally high fully franked dividend yield is what is driving the SSM shareprice, it provides a buffer given the general market sentiment at the moment, and even in this climate I expect the shareprice to be higher on march 20th than it is now.

fundamentally SSM is a very sound cash generating business, with their water,gas,electricity meter reading business, their call centre contracts and their telstra fixed/wireless maintenance contracts providing solid long term cashflow/profits linked to essential services that will continue to allow substantial dividends to be paid going forward.

in terms of growth going forward the company is well positioned to take advantage of the federal governments infrastructure spend in areas such as the National Broadband Network, National Desalination Projects

also in terms of debt funding the company has plenty of room under its current debt agreements to fund growth/acquisitions if it sees any opportunities. Also of importance is the debt funding is done locally via aussie banks and in $AUD so it hasn't had the negative effect of so many companies that have borrowed overseas only to see the $AUD fall and their debts increase.