I was thinking the exact same thing @Miroboti.
Based on a simple model I created, the Company is generating an operating profit of c. AUD15m per annum. Assuming a 90% dividend payout ratio (to allow for capex requirements), that leaves sustainable, recurring distributions of ~AUD13m per annum (~1.1c dpu). If this was to commence in March-2025 (based on CY24 earnings) then, based on my cash flow estimate, the Company could fund its distributions and repay its debt in full, whilst maintaining its cash position >$20m at all times.
Ann: Quarterly Activities and Cashflow Reports, page-6
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