Definitely no capacity at the moment to pay dividends from...

Definitely no capacity at the moment to pay dividends from earnings. Won't be for a few years I would guess with the currently announced expansion plans.

My Current take is:

MEL:
M1 : By far their standout facility & I would say the number 1 market. I think it will fair well from having the Demand but less of the supply that we may see in Sydney.
M2: It's something you have to do, but at the start it will bastardise your return from Melbourne. I do like that it is actually geographically spread, unlike how Equinix/GS tend to expand in Sydney (though they get amazing scaling benefits from doing so). Big facility means its going to take a long time to fill.

SYD:
S1: Obviously the other good market to be in, definitely much more supply has come online with a lot of large facilities. Big expansions in terms of Global Switch Syd East, Equinix SY4, Digital Realty, Fujitsu, HP, etc will mean more competition. Prob 7-8th Largest in this market now.


QLD:
B1 : Looks pretty good & shows you the value that can be created in a full/nearly full facility. But she's only a baby.
B2 : Jury is out for me on how they will do filling the facility. Definitely don't get the scale benefits of SYD & MEL, $/MW ends up being much higher.

WA: Flop.

ACT: Undecided (Likely very slow burn, but prospects are better than WA).

I think it would be prudent to look at getting ready to do a capital raise in the next 6 months at these prices imo.
They have a $100M facility, & ~$190M in Cash/Term Deposits. So $290M working Capital.
FY17 they are forecast to Spend $200-$240M depending on timing. Which means some of B2/M2 cost will fall in FY18. In any event they will need more capital to get them through FY18, unless they restrict expansion.