g'day swap. they made a loss last year (as far as the ATO are concerned) & therefore do not have to pay divs. Likely more write downs this year will also leave them in taxable loss position; again no obligation to pay divs. Now this doesn't mean they won't, but they do not have to pay divs on tax grounds. Indeed they have already retained most of their 2008 "distributable profit". If they had to distribute all of this, they would have done so. directors are being prudent retaining as much cash as possible.
& if you don't think the banks will be making heavy demands on rolling over CER debt, then read this; banks in gouging mode AGAIN.
