Ann: Fund Update , page-5

ch0nks

I think you are right about cash flow - there is enough being generated to pay a dividend and gearing is quite low now.

The problem is the banking arrangements with ODBC(?) I think I recall a requirement of the lending being that dividends could not be paid until the full bank debt was repaid.

I would like to think that McArthur Cook could renegotiate the lending now (or refinance without the restriction) but I am only guessing. I would certainly like to see a dividend reinstituted - hopefully this would move the unit price closer to real value.