Dividend policy.
"A target maximum payout of 30% of free cash flow"
I thought I heard Tim Manners in the presentation say Free Cash Flow was $65M which is again a different figure than that shown anywhere in the Presentation.
Based on that figure a 2c divvy was the maximum they could payout.
$65M x 30% = $19.5M
806M shares @ 2c = $16.12M
On that basis a 2.5c divvy or higher would have exceeded the 30% maximum payout of FCF as stated above.
AIMO.
Jim.
Ann: FY20 Financial Results and Dividend, page-7
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