Super, you are talking about writing down the capitalisation of...

Super,

you are talking about writing down the capitalisation of the company by 50%, after it has taken a 30% hit because of a single year's adjustment to the net profit to clear the books? They are writing off $11.8M, and still  issuing a guidance of a minimum $19M - $21M net profit - which means an increase from last year discarding the abnormals.

How is this logical?

Furthermore, they have said that they will increase the payout ratio to minimise any reduction to dividends. Therefore, how do you come to a 5% payout?

I would also suggest that commenting on an acquisition from 5 years ago is a little late, and probably not assisting you in your attempt to make a point (whatever that may be). @keygeo is right ... you need to read a little more carefully.