Ann: New agreement with Central Bank of India, page-35

How did you come to the conclusion of 12c dividend? If they had ebitda of 13m, then after taxes and depreciation let's say that they could pay out 5.5m as a dividend. With 550m soi, this would be 1c not 12c. if they had to take out a loan of 20m at 10% or so then the interest would reduce the payout by about half. If they had to cap raise 20m then the dilution would do the same. I would therefore say that in an optimistic scenario the dividend might be more like 0.5c.