Ann: Fenix acquires Mid-West haulage business, page-122

My calculations exceed this. They have said they would pay dividends to the extent of available franking credits such that the dividend is fully franked.

Fenix paid $10.7m income tax in May. Rob said in the recent video preso there is $4.3m provisional tax payable per quarter. the first quarterly payment will be August - before the final dividend. Thus total franking credits $15m.

Divide this by Fenix's income tax rate of 0.3 (30%) gives $50m as a gross dividend inclusive of franking. Multiply by 70% (1 - tax rate) gives $35m net (cash) dividend payable at 100% franking.

Divide by 516m SOI = 6.78 cents per share - allowing for roundings gives 6.75 to 6.8 cents per share dividend.

The upper limit of dividends to NPAT has been given as 80% (50% to 80%). At 80% dividend to profit gives $62.5m NPAT. My understanding is that NPAT should exceed this. If not, use the 80% of NPAT to recalculate the net dividend per share.