A follow-on from my previous posting where I calculated the net...

A follow-on from my previous posting where I calculated the net sale proceeds from the sale of Sucrogen and the asian businesses to be $1.728 billion and the number of ordinary shares issued to be about 1.5 billion.

If CSR management is going to be consistent with its repeatedly stated indicative policy of distributing 60 - 80% of NPAT (pre significant items) to shareholders, then I calculate the return of proceeds to shareholders should be as follows:

@ 60% payout

(60% x $1.728 billion) / 1.5 billion shares = $0.69 cents
per share

@ 80% payout

(80% x $1.728 billion) / 1.5 billion shares = $0.92 cents
per share

@70% (mid-point payout ratio)

(70% x $1.728 billion) / 1.5 billion shares = $0.81 cents
per share

Based on the these previously disclosed policies and regular past practices of management, it would not be unreasonable for members to expect a return of at least around $0.81 cents per ordinary share.