By January probably 900m in the bank AFTER Mataura and still no dividend- inexcusable!, page-26

How do you come to that conclusion @blackeyed?

Whilst I see your point, we do not know what further acquisitions/corporate activity mgmt are reviewing.

So based on what we do know here is the potential cash position at a very crude high level.

Cash @ 30/6/20 was $854m. Let's assume 30% increase in profitability for FY21 leading to a net profit of approx. $500m. Note that a 30% increase in profitability would be challenging however not inconceivable.

Current liabilities: $305m

CAPEX: $270m for the acquistion, $100m for IF canning, $50m for other CAPEX.

Cash @ 30/6/20 $855m
Current liabilites @ 30/6/20 ($305m), assumed all paid in H1, commercial terms are 30/60 days
Cash generated H1 FY21 $250m, based on the above assumption of 30% on FY20
CAPEX, assumed all in H1 FY21 ($420m) as per your assumption above
Cash @31/12/20 $380m

I'm sure you may disagree however any way you look at it, the cash balance is a long long way from your suggested $900m.

Cheers

Kosy