Ann: Solvar 1H FY23 Results, page-7

Based on the $48m NPAT forecast & a 60% payout the dividend for the year will be 13.5c ie the H2 will be 6.0c.

There is a disconnect between increasing the H1 div by such an extent today & reducing the NPAT forecast within the previous payout range.

So either they are sandbagging the forecast or the div will be cut for H2.

The decision to continue with the DRP at a 2.5% discount while having a share buyback is also strange.

I have a great deal of trust & respect for the management but sometimes it seems that they are not as ruthless in pursuing what is best for shareholders. The company certainly has a very strong ESG stance within it's business towards it's customers. Perhaps this is what sets them apart from their peers & is a significant reason for their ongoing success?