How did you come to the conclusion of 12c dividend? If they had...

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.