In reality if it doesn't have franking or done as a capital return ( tax advantaged) then I'd rather see the cash in the business. If I need cashflow from my STO holdings I can sell the number of shares that give the equivalent $ that I want as a div. Only positive of a div is possibly market perception when comparing with WDS however the $ involved in PNG selldown are not massive and are going to trickle in so may be best left in treasury. I don't think some extra div will create a market re rate but on the other side if they don't stick to div policy that won't reflect well. I'd have to look in regards to return from selldown in div policy? ? I know PNG investor would like extra div to hep it pay for next tranche but that is not my problem they should have sorted their finance out.
Cash in STO can be urgently payed out as a takeover defense at a point in the future if a hostile offer is received.
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