Goes without saying, but for every buyer there's a seller which is why i generally don't think it's worth paying much attention to what institutional shareholders are doing.
I think the value of Lanyon being the dominant shareholder on the register is the focus on returning cash to shareholders. Even when GCS profits were very strong during the 2012-2013 peak of the mining boom days, they were only paying out 20% of earnings as dividends because they were over-leveraged and recklessly expanding their PPE base. Lanyon came onto the register in late 2016, and the 1HFY17 results presentation was the first time GCS committed to paying out 40% of NPAT as dividends - i don't think that's a complete coincidence.
I think there's the potential for that 40% payout ratio to be further improved in FY19 as the operating & finance (hire-purchase) lease liabilities continue to roll off from the legacy of the boom years. Per the FY16 annual report, in FY17 they had to pay $6.05m operating lease commitments and $15.08 finance commitments; i expect that to reduce a little in FY18, and then fall significantly into FY19 as the hire-purchase debt is typically 5-year debt and they stopped buying PPE with hire-purchase debt in late FY13, meaning the repayment schedule should fall significantly by FY19.
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- Ann: Change in substantial holding from TAU
Ann: Change in substantial holding from TAU, page-6
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Last
50.0¢ |
Change
0.015(3.09%) |
Mkt cap ! $220.2M |
Open | High | Low | Value | Volume |
48.5¢ | 50.0¢ | 48.5¢ | $198.3K | 400.2K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 10000 | 49.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
50.0¢ | 4109 | 1 |
Last trade - 16.10pm 30/11/2018 (20 minute delay) ? |
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