4.10
Dividend policy
The Board currently intends to pay dividends subject to the availability of profits and the financial position of the Vitaco Group.
The Directors intend to target a dividend payout ratio of between 50% and 60% of the Vitaco Group’s pro forma NPAT from FY16
(adjusted to exclude the impact of non-recurring legacy Musashi operating costs to be incurred in FY16 prior to integration into
Vitaco’s business model). This level of payout may vary between periods depending on a number of factors including the general
business environment, the operating results and financial condition of the Vitaco Group, future funding requirements, capital
management initiatives, taxation considerations (including the level of franking credits and imputation credits available), any
contractual, legal or regulatory restrictions on the payment of dividends by the Company and any other factors the Directors may
consider relevant.
The dividends expected to be paid to Shareholders will be franked with Australian franking credits and imputed with New Zealand
imputation credits to the maximum extent appropriate taking into account the Company’s tax position.
No assurances can be given by any person, including the Directors about the payment of any dividend and the level of franking and
imputation on any such dividend.
The Directors expect the first dividend to Shareholders will be determined in respect of the period from the date of Completion of the
Offer to 31 December 2015 and will become payable in March 2016.
VIT Price at posting:
$2.72 Sentiment: Hold Disclosure: Held
