Ann: Managing Director's AGM Presentation, page-2

A little surprised to not see a special dividend declared post sale of equipment hire business (as there was last year after the 50% scaffold JV was sold) - makes me a touch nervous given capital management history pre 2016 - but mostly good news:

- move from 40% to 50% NPAT dividend policy
- confirmation that equipment hire business was immaterial to earnings
- more aggressive statement as to potential earnings from Gallery Facades (benefit from replacing combustible facades)
- $34m tax losses crystallized on sale of equipment hire to use as shield against taxes over next few years

Although my average basis in this stock is $0.58, I feel as though it's just as good value now because the following have been pleasant surprises to me:

- selling a business earning next to nothing for $29m
- getting a $34m tax shield
- size of potential upside in facades

So I have been adding to my holdings.