GMA reports to the market every quarter, but they would only...

GMA reports to the market every quarter, but they would only submit their results to APRA six-monthly.

As such, under APRA’s prudential regulation, GMA can only pay a dividend up to the combined amount of profit in its TWO PREVIOUS SIX MONTHLY RETURNS (as submitted to APRA).

On your numbers GMA needs to first offset the $17.6m after-tax loss in 2h20, and then any earnings above that offset can be considered by the board for potential dividend payments (assuming GMA does not ask for APRA to waive APS 110).

So a 1q21 dividend unlikely, and a 1h21dividend possible but limited.

Good hypothesis and great analysis though (and thanks for using actual APRA documentation instead of the more common “Me thinks . . . “).