These are my calculations. I assumed $150m in Capex spent in the...

These are my calculations. I assumed $150m in Capex spent in the half, and 59% of the notes bought back at an average cost of $767K per note (slightly on the high side). By my calcs, the "max" they can pay is 61c but that would be very short term and aggressive. This is not millners style. Therefore i assume they will pay a dividend of around $200m, or 22c per share. If they want to be super conservative, assume half of that i.e. $100m, or 11c per share.

Upsides to my calc include:
- lower capex (im not sure how much NA3 costs. The submissions to the QLD govt said 550 or 600m but i assume thats over the life of the project?
- Lower note BB average cost
- Tax effectiveness of note buyback (i read, you can separate the repayment amount into interest costs and capital costs, with capital costs not deductible but interests are. But no idea how this works in practice. I assume very little will be tax deductible unfortunately)
- small about of interest on cash at bank
- tax deductions from depreciation

Downsides to my calc include:
- high note BB cost and # bought back (its unclear how many they actually bought back given they tendered for 75/200, but bought others on market
- higher capex for NA3

No doubt the market will get angry with such a small divie, so expect a big sell off on results day

	Net Cash on hand at 31/07/2022	935,500,000
1	Div Paid	494,070,890
2	Cash remaining	441,429,110
3	Cash Generated 2nd half	1,000,000,000
4	Less Tax	300,000,000
5	Less Note Buyback	452,340,573
6	Less Capex	150,000,000
7	Net Cash generated	97,659,427
8	Plus last year cash	539,088,536
9	Estimated div first half	200,000,000
10	Per share	0.227
11	Max Div	0.611024827