Correct and I have just reviewed 2017 AR & as we thought - no imputation credits carried forward, so nothing to attach to any earnings distribution. So I believe they would need to consider a share buyback, in order to make a cash distribution that’s tax free, otherwise they risk annoying the shareholders more. I have heard that the assets bought from SE may have been in a run down state due to lack of routine maintenance, and BTM might have to shred some cash in this area to bring these up to scratch. I would rather see this attended to in priority to any return to shareholders. It would be devastating to suffer major breakdowns at present times of good coal prices, due to decisions to distribute cash rather than upgrade ailing P & E.
BRL Price at posting:
11.5¢ Sentiment: Hold Disclosure: Held
