As a shareholder, there are a few things that I take notice...

As a shareholder, there are a few things that I take notice off

Capral does not pay income tax for the time being, and for many seasons to come if we maintain that 30 - 40m annual profits
the Tax losses are large

"At 30 June 2023, the Group has unused tax losses of $198,872,032 (30 June 2022: $222,503,603) available to offset
against future profits. A deferred tax asset has been recognised in respect of $79,000,000 (30 June 2022:
$62,900,000) of such losses. No deferred tax asset has been recognised in respect of the remaining $119,872,000
(30 June 2022: $159,603,000) as future taxable profits cannot be estimated reliably at this stage."


Amount of shares on the register has increased by around 400,000 in the last year using the diluted ordinary shares, most of these were issued as performance rights to executives and management. their market value is around 3.2m at the current SP.
The share BB has been declared for 370,000 shares till the end of CY 23 if successful.
Basically what will be purchased in BB is equal to shares issued on performance rights, ( no real gain to the retailer SH )

"The weighted average number of ordinary shares on issue used in the calculation of diluted earnings per share
was 18,266,904 (2022: 17,883,174) and the earnings used in the same calculation was $16,604,000 (2022:
$22,196,000)."


We are running out of Frankings for the DIV payout.

" current franking credits available $4.3 m 6 months ago it was $ 8.1m "



For my bottom line at current earnings levels, the company can continue paying 70cPS of annual Div and even if it is unfranked
the payout is around 9% depending on one's SP purchase.
the cost out of profit for a 70cps annual Dividend is around $12.6m ( 18m shares x 70c = 12.6m ) current estimated profit for the year is $30m.

with the rate of performance rights issued, i am wondering if the Share BB will actually reduce the total shares on issue, which can be significant
for the option of paying higher div which I see as the main attraction to own a portion of this company, Capral is a defensive cyclical earner,
not a global Saas comp, with exponential growth.

Capral has eliminated Borrowings of $24m down to zero.

The solid financial ground of $ 41m in cash will enable further growth, improve productivity , enable a continuous share BB,
and hopefully, pay a higher Div in the future.