Ann: FY24 Half Year Results Investor Presentation, page-7

With my previous post I've assumed maintenance CAPEX = $.404M
I haven't included the "payment for intangibles" = $.615M shown in investing cash flows as I see that as a cost incurred in "growth".

Further with the focus going forward on "organic growth" implies less acquisitions and less spending if any on intangibles.
Spending on intangibles averaged $4M p.a. for the 4 years between FY20 to FY23.

The Dept of Defence Class Action:
The Lawyers Denton and Shine received around $30M with funder fees of $54M.
Shine filed class actions in this case in FY17 ( Oakley ) and FY20 ( Katherine ) with settlement in 2020.
Roughly the action took 3 years for Lawyers and funder fees ( 30 + 54 ) / 212 = 40%.

Shine's share of the $300M settlement in the Mesh Ethicon/ J&J class action which took 10 years is currently around 36 /300 = 12%.
With interest on disbursements of $31.6M it would only increase to 23%.
Looks very reasonable compared to Lee's judgement in the Dept of Defence class action.
I find a justification by Justice Lee that SHJ shareholders should have funded the case at 0% return rather than use an external lender at high interest rates as "dodgy".

Hi Iteh, I disagree with your comments on paying dividends.
As an investor I'm reluctant to invest in companies that don't pay dividends, dividends reduce the risk.
Dividends widen the potential pool of investors.
The suspension of a dividend generally negatively effects the share price.
I've mentioned previously a big reduction in the net Debt in HY24.
The Ethicon / J&J class action was fought over 10 years ( not typical ) and placed SHJ in a difficult position.