With 10.7c per share of franking credits currently at their disposal & having paid 4.0c & 4.0c dividends for the previous year one would be guaranteed of at least receiving the same this year with the prospect of 5.0c & 5.0c.
Investors do not expect companies to take unnecessary risks & to be holding nearly 61% of assets in cash has proved to be an excellent decision to date.
If they are equally competent & start increasing their exposure to the market at the appropriate time then shareholders will appreciate their wisdom in holding a large percentage of cash.
The WAA gross portfolio has appreciated 53.5% while the all ords has fallen 23.9% since inception. This has been a magnificent achievement & management should be congratulated.
WAA Price at posting:
$1.03 Sentiment: LT Buy Disclosure: Held
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