I think you've mentioned this "90%" a couple of times now. I'm not familiar with this rule you're referring to. 90% of what? Operating Profit? Statutory Earnings? What exceptions are allowed?
It doesn't seem to make any sense. If they pay out 90% of underlying earnings every year how can they save for major Capital expenditures? Even if there is such a rule surely they're now allowed to reduce distributions for a few years to repair the balance sheet after this year's valuation write down. E.g. that's why this year's distribution is only 7c
Ann: Full Year Announcement and Results Presentation, page-7
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