when is ann for divvy, page-2

I spoke to Investor Services earlier today. They said that this is currently under discussion internally and with the bankers. They were non-committal about a time frame, as you might expect.

CER will have to make an announcement before ex-div date, which is next Tuesday from memory.

Being a trust, for tax purposes, they have to distribute the earnings or face a penalty tax rate for retaining them. This works on a financial year basis which means it all has to be distributed prior to 30/6/09.

They may make the decision to retain the cash this half and roll it into a larger distribution next half. This is essentially what happened last year.

The complexity here of course is the mothership CNP, who owns 51% of CER. CNP needs the cash and for the time being at least, the two company boards are basically identical... if you get my meaning.

If CER decided to distribute this half to help out the mothership, we would also get an identical per-unit amount.