Per a press release i see cyl writing off tens of millions of dollars of gold exploration investment so that cyl earnings are depressed by this supposed horrible malinvestment in WA drill bits. Lol. I see cyl got another $100mm drilling investment to write off going forward. This creative accounting mean more dollars are available for dividends to common shareholders who got bills to pay now and who is taking all the risk in this cyl operation. Given the level of cyl cash earnings, this document mistakingly omit a discussion of cyl dividend policy now. I am thinking cyl need to pay out minimum 40% of earning as dividend now, prolly 70% is more appropriate given the leverage to gold price.
Ann: Appendix 4E and annual financial statements, page-4
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