Ann: Analyst presentation, page-7

16.2c (NZ) full year dividend. Lets say the stock was $3.00 NZ a couple of days ago so rough rough 5.4%. I think you are half right re dividend play v growth stock. We have seen a definite slowing down in the bottom line metrics in the sector (CarSales, Seek and TME) but still double digit top line growth. The argument is the reduced growth in bottom line (flat for TME) is all about reinvesting for future growth. The TME challenge is to ensure all the money and significant cost increase in 2015 has now stopped and will deliver bottom line growth. I believe it will so for me with double digit sales growth and hopefully future bottom line growth then we can therefore still call this a growth stock.

The sector is certainly a cash generating machine - we see TME's bottom line equal its net cash flow of which it pays out most of the cash in dividends. So in some ways you could argue it is a dividend play. But for me I could not give a stuff about the dividend. As I type the SP is up 20c for the day which is more than the full year dividend. I am in for the capital growth and expect (hope?) to see $4.00 in SP with the release of results for the half year 2016. I will then make the call re hold/sell or reduce.