I will have a go at answering your queries although they are...

I will have a go at answering your queries although they are guestimations.....

1. Cash at bank?

Cash at 30 June 23: $7.8m
Dividend: ($1.3m)
Profit before tax - estimation of $15-$20m
Capex: ($2m) [subject to acquisition of new boat]
Tax: Big question - Tax payable on $15 to $20m is circa $4m to $6m (depending on 25% v 30% rate) but more importantly when the tax is actually payable which will depend on their installment rate etc which depends on FY22 tax return at this stage.

So cash on hand is prob $20-$23m with a tax provision of $4m to $6m.

2. What are they going to do with cash?

My view is that as they won't have franking credits as they haven't actually paid tax they will not pay a significant dividend. Of course if tax paid then this is a wrong assumption.

Share buy backs - $5m shares at 20c = 25m reduction in number of shares on issue & $8m is 40m shares reduction in shares on issue.

3. Franking credits?

Later this FY or early next FY is my best guess. Which is why significant franked dividends can't be paid now.

4. Forward looking statements?

Very careful - prob similar to last Dec:

“The Company expects the number of loose pearls produced over the full year to 30 June 2024 to be
in line with the number of loose pearls produced in the June 2023 financial year. However, the timing
of sales events will determine the number of loose pearls sold in the second half and, until pearls are
harvested, graded and sold, it is not possible to predict full year revenue.”

Hope that helps?

Best

BSP

GLTAH, NFA, DYOR