Precis, it was not my question, and, it is not in the bank that...

Precis, it was not my question, and, it is not in the bank that the Newhaul JV purchase lowers costs. The Newhaul purchase net net net actually lowers EPS, which has been commented on exhaustively in the past. Also, not sure how you arrive at a dividend of 5.25cps. This does not gel with your profit estimate of between $15 to $20 million. My calculator tells me profit would need to range between $38m and $51m to enable a dividend of 5.25cps based on FEX dividend policy. Also, curious if your $15m to $20m includes the $7.4m at the HY arising from the Newhaul JV revaluation gain, which is non cash creative accounting. Hardly a "highly profitable year", particularly starting from a real HY IO NPAT of $4m.