Just extrapolating the current payout ratio (18c dividend on...

Just extrapolating the current payout ratio (18c dividend on $23.4m) and applying to the $16.5m cash NPAT forecast for FY2018. Of course it’s a simplification but there’s no reason to assume a major dilution or a significant change to the payout ratio. If anything they might pull some levers to make the dividend drop a bit less drastic than the NPAT drop, I think, but that’s just my private unsubstantiated opinion