That is rightSTO normally pays 15c in early Oct (last yr...

That is right

STO normally pays 15c in early Oct (last yr 6/10/10) which will precede the implementation date of 28/10/11

So new ratio would be announced after Dividend amount announced

They have said 15c is the new normal but we have to wait and see

13.23 -0.15 = 13.08

0.90/13.08 = 0.06881

So 0.06881 STO for 1 ESG would be the new ratio

Of course the STO sp will drop at ex-div date
so our generous initial $0.90 stays nominally the same

My understanding is that we are exposed to the Highs/Lows of the STO sp .

We are not guaranteed 90cps. If STO falls a lot we lose , if it rises we gain.


Cheers