Hi PatPrice, they do not appear to have a formal dividend policy...

Hi PatPrice, they do not appear to have a formal dividend policy so we are flying blind a bit but if we assume cash position may have been around $75M if the shipment was included then that improves things a fair bit.

It will depend on whether they are prepared to pay dividends on cash flow or retained earnings.

The accepted way to assess payability of dividends is via cash flow as opposed to retained earnings /cash balance. Many companies have been criticised for paying from cash balance as often the cash is inflated by borrowings, equity raisings and the like.

I suspect that there will be a modest dividend, something in the order of 5c - 7.5c per share. They may want to keep the dividend momentum up but keep their powder dry for a better final dividend.

An update on operations from HotLegs would be beneficial...