Ann: Results Presentation 31 December 2016, page-16

I think the results were fine - everything looking good for growth over the next 3 years. I also intellectually approve of retaining cash to fund growth, particularly when interest rates are likely to increase.

My problem is as a retired person I need a reasonable income stream and there is a double whammy of a big cut to the payout ratio, plus dividend reinvestment which means the cash has to be spread over more shares as time goes on. I am certainly going to keep some of my shares, but will sell down a proportion but not in a rush. Probably take the divvy and then sell in periods of strength,

It is a good share, but not quite meeting my needs.