I think it will be limited by the amount that they can frank at 100%, as I think that the aim will be to keep divs fully franked. But I don't know what that is. S32 has recently done big NSW coal write down so may not have a lot of franking credits.
So I think that the div will be limited by franking credits, not by cash flow.
I think it will be limited by the amount that they can frank at...
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