I missed the AGM location in the report... why do you think they're going up market?
Last time they started building up a war chest over the period from 2009-13, this corresponded to an increase in the payout ratio from about 50% up to 55%. Interestingly the POR has dropped down to 47% for fy2017, from 56% back in fy13. I wonder if the divi just can't keep up with EPS, or whether they are planning something else?
Ann: Annual Report to shareholders, page-5
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