7.35% fully franked dividend at $58 = 12.7% per annum fully franked or equivalent to 18% gross. Bit high perhaps, hence the rally in TPAPA. Probably market only working out TPAPA stepped up from 2.5% to 6% over swap
DISTRIBUTION RATE FOR DISTRIBUTION PERIOD ENDING 31 MARCH 2012 The Distribution Rate for the distribution period ending on 31 March 2012 will be 7.35% per annum, fully franked. This has been determined under the Transpacific SPS terms as follows: (Market Rate of 4.5%1 per annum + Margin of 6.0%2) x (1-30%3) = 7.35% The record date for this distribution will be Friday 30 March 2012 and the payment date will be Wednesday 18 April 2012.
TPI Price at posting:
59.3¢ Sentiment: LT Buy Disclosure: Held