Ann: Market Update , page-15

Very apparent (in my view).... they are borrowing that $200m for a particular reason.....ie as flagged on a number of times by the company to pay a special dividend.

Why otherwise would there be a need for gearing?...when in fact they already have more than $200m cash.

That amount of cash works out at 18cents per share....we know that have franking credits, such that 18c would be fully franked.

This opportunity looks simple and crystal clear here, to my way of thinking....(strong upward share price movement) It is true that upon payment of dividends.....the shareprice normally gaps down the day after payment of the dividend (ie ex day).

I cant see however how any dividend is priced in to the Sigma shareprice. Remember Sigma now carries no wholesalers receivables debt (a dream for most wholesalers)

.....the $350m odd still owed to Sigma by their chemist retailers, now will go on the balance sheets as accounts receibable....not cash, but the next best thing.

Previously the company had guided $75m EBITA for the remaining wholesale business.....market cap $500m....there should be no gaping down upon payment of the dividend based on information disclosed.

Too hard...just not interested approach from retail investors with this stock....a headline big fully franked dividend, may find some appeal among bigger retail traders/investors.

Dividend is something real and soon (likely end of month announcement)......means that some life may be force feed into the shareprice - rather than usual "stuck in trading range" - as is the case with some many other stocks on the local bourse, at the moment.