I didn't take the MD's comment about 'working capital' as in the...

I didn't take the MD's comment about 'working capital' as in the accounting terminology in regards to the balance sheet. More so, they will withhold $20 million of cash from profits for working capital purposes (and hopefully future projects). This is a good thing IMO.

the prior year tax bill would have been paid down by instalments during the last 5-6 months, and i can only assume TER (want to return to paying dividends) and the ATO (want their cash) would like the tax to be paid off fairly quickly. I do hope that anyway. Agree, I think the tax debt will be paid off in a similar time, but i suspect (perhaps more of a hope) they will have it paid off at the time the 2024 financial statements are released (Aug 24) as a good news story (even though it is a bad news story they have a tax debt in the first place).

As for dividend, again i do live in a hope we see a small token dividend from the 2024 FY release, and agree with you, more regular dividends commencing early 2025 after 2025 half year results released in Feb 25.