FEX Valuation, page-533

Having declared a hefty ff dividend earlier - lets suppose that due to sustained low levels for product, there will be no dividend for this coming year in order to conserve cash. If one averages out the current dividend over a 2 year period, even then it is rather attractive - particularly at current sp.

Also bearing in mind that a lot of smaller miners have not, (despite intentions by some to do so), or do not pay dividends - (AIS, RVR, NCZ to name a few - not meaning to pick on them but rather just an informed comment).

A lot can happen in 12 months - the huge fall in IO prices only took a short time - a buffer of 12 months allows for various scenarios to play out. A little early for panic stations - although markets seem to need some of that stocked up loo paper.

I do hope holders receive another divvie in the coming year - even a reduced one is fine. I'll keep a spare roll for next year, just in case.