Captital Raising, page-2

A great div coming in Oct, but the cash to pay for it seems to be coming from that discounted cap raise, which is at such a low price you would juggle your holdings to take it up and not be diluted, if you held. Not an easy trick to perform for some holders, but a good way of utilising franking credits. There are a lot of shorters of this stock, which highlights the potential for the stock to rally with short covering if it performs.

Results for half 2 look poor to me. Franchisee and international profits for half two down. Rental and outgoings from franchisees was up about 1%, but the far larger franchise fees were down about 6%. Interestingly interest from franchisee support was lower. Not sure if there is some tightening of the screws after Christmas. Q4 comp sales were tragic in Oz. Recent trading in Oz has apparently been much improved apparently.

I'm not sure than the half 2 results tallies well with increasing international store numbers dramatically. Also Singapore especially could be significantly further impacted by the Chinese issues including the trade war and Hing Kong protests, and the international focus on international tax arrangements that Singapore has benefited from.

All IMO - keen to hear if I have anything wrong.