Yes, hard to know how much to read into that without listening...

Yes, hard to know how much to read into that without listening in.

However, on the surface of it, at $2.7m NPBT and moving to full tax rate over coming year, dividend may be around the 1.2cps first half, perhaps 2.5cps for full year? Given slow start in first quarter, strong order book and hopefully some contribution from acquisitions, this seems doable and still seems like attractive return up to at least 50 - 55cps? Although it's not yet a business I would view as "high quality" in terms of management and decision-making, but at least raising capital at a good price has provided a possibility for future improvement and growth.

At under 40cps, I'd definitely hang in for the dividends for a year or two and see if they can make anything more of it.