Re DividendsIt has already paid out the 13c of the forecast 26c...

Re Dividends

It has already paid out the 13c of the forecast 26c so expect another 13c to be paid Sept 08.
On a 90c price that's a yield Tax Deferred of 14% for end June 08 half.

Lets look into FY2009
Higher interest rates then start to bite - on my numbers
Interest 232M
EBITDA - say 320-350M tops
say intest capex of 30m - they have flagged a requirement for 30o m capital

that leaves at best 90m in distributions therefore FY 09 yield of 14% for the full year FY09.

Lets say more like 60m for distributions (WORST CASE) - divide by 709m securities equals a distribution of 8.5c - that would still give a yield of 9% tax deferred