The two main factors are the IO price, and the fact that we are...

The two main factors are the IO price, and the fact that we are now a year from another dividend announcement. IO price is stll profitable for FEX but downwards pressure is still there notably from the chinese slowdown. Our grade at 64% is helpful in ensuring demand for it, and a premium price. The dividend being recently ex means we overshoot on the downside because its a long time to have money sitting in the expectatiin of next year's. divi. A smaller Fy divi in combination with an interim would help counter the large swing. In the meantime, we have bought Newhaul and have the divi to pay so free cash will drop. As this rebuilds quater on quarter I'd expect the SP to improve