From a cash-on-the-balance-sheet perspective, here is what I calculate:
At 30 June 2019, cash on hand was $7.9 million.
But cash ($7.9m) + investment receivables ($6.6m) - remaining provisions (-$1.3m) = $13.2 million.
From a liquidity perspective:
Neos is required to repay $5m in 6-monthly tranches, one of which has been repaid. This means, there are 5 tranches remaining with the next due on 31/12/2019. This is $833,000 every six months.
In addition, the share sale of $1.75m was/is due on 31/12/18 and 31/12/19. If you look at the first chart, it suggests that $1.2m was received from Neos, implying that the share sale is split $367,000 on 31/12/18 and $1,383,000 on 31/12/19.
So:
Cash at FY19 was $7.9m
1 tranche $833,000
share sale $1,383,000
Sub-total is $10.11 million. Cashflow from operations for the full year is around $3.2m, so cash in the bank on 31 December 2019 before one-offs/software purchases should be around $11.7 million.
Now, if the BOARD decides to declare 20% of that cash on hand as a dividend, they would still retain $9,360,000 of cash. Furthermore, there would be approx. $3,334,000 of investment receivables yet to be collected.
If 20% of cash on hand was paid as a dividend, that would equate to $0.0156 per share FULLY FRANKED. Which means some investors here could receive a total of $0.0223 per share in total. Compared to the share price that's 17.8% - COME ON BOARDofD, DO IT!
(20min delay)