Argh got it. So you think they will choose the lower band of...

Argh got it. So you think they will choose the lower band of dividend payout policy that is 40%. Then we have $55m (1- 30% tax) = $38.5m*40% payout = 1/2 yr dividend $15.4m

$15.4/369 = 4c per share = 5% of today's 80c price equivalent of 7% grossed up (franking depending on overseas earning from Jaya)

The 40% payout will enable greater pay down of debt. Agree with that.