The last interim dividend was 4.5c - I think AT BEST it will be...

The last interim dividend was 4.5c - I think AT BEST it will be 3.0c, but could be lower. Their gearing is materially elevated (they said ~2.5x) so they will want to retain cash to reduce gearing. They have taken all the hits in this first half, so my guess is the dividend will be really low and the final dividend for FY16 will be a big jump back up, since earnings will be heavily weighted to the second half.

I think it could easily be 2.0c declared in Feb, and that is not good.