Ann: Dividend/Distribution - AYUPA, page-23

Hi Brett,
AYU:
A mutual fund owned by members who receive the dividend and whilst listed on the ASX, AYU have no issued shares. This is their latest financial report this year:
https://newswire.iguana2.com/af5f4d73c1a54a33/ayu.asx/2A1434253/AYU_Announcement_2A1434253
AYUPA:
Current review. Fixed return on perpetual AYUPA $100 notes is 5.00% plus franking credit of 2.143%. Applied to 5Apr23 SP low of $86.26 gives a total return of (7.143/86.26)*100 = 8.28%. For the day's closing price $88.00 = 8.11%. No justification in my book for investors to wet their nappies and keep low bidding the notes, with Australian Unity capitalised at $7.55b. In the current market "value shares" returns fall relatively short and I don't see many other consistent risk rewards, capital gains or trading returns (except for RHCPA). AYUPA has provided reasonable capital financing for AYU and continuing competitive returns with tax credits and SP discount opportunities for us punters; IMHO it remains a solid portfolio backstop. Hope that helps.