In line with market expectations.
NO surprises from gleaning the financials.
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Yes in line with expectations but I would like to know why they reduced the dividend (?need cash for Tauhara-construction costs could be increasing )
Free cashflow from operations rose 28% to $371m.
That equates to 72% of free cashflow, the lowest payout level since the 2017 financial year when the ratio was 61%. In the 2020 financial year, when Contact reported relatively weak results, the 39cps total dividends amounted to 97% of free cashflow. The company gives guidance of dividends at between 80% and 100% of annual free cashflow.
However I still feel it is very promising .
Could be an indication that MEL will follow with increased cashflow
Perhaps this line explains it: "He said it was pleasing to deliver investors a 35 cents per share annual dividend, down slightly from 39 cents per share in FY20. "This is in line with the dividend policy we updated in February this year where we target a pay-out ratio of between 80 per cent and 100 per cent of the average operating free cash flow of the preceding four financial years."
I have been unsuccessfully searching to see what discount applies to the DRP with the upcoming dividend. DRP plan only says it's up to the Directors, as far as I can see !
Can someone here enlighten me ?
ADDITION: Found it http://nzx-prod-s7fsd7f98s.s3-websit...295/352256.pdf
0% discount. Think I'll give it a miss !!
When reflecting upon the reason for the 4cps annual dividend reduction for y/e 30 June 2021 it is good to remember 46.4m new shares were issued in the February institutional placement and 11.1m new shares were issued in March under the corresponding Retail Offer. While the purpose of the capital raising was mainly to facilitate the construction of the Tauhara geothermal project it is obvious these new shares did not create " earnings " commensurate with the annual ( or even the final ) dividend, in just three months or so. So not surprising the overall dividend paid on all shares was marginally down.
Ex div 26/8/21. :)21c :t_up:
Tried to sell 2000 CEN with ASB securities, so far 23 transactions to sell 139 shares all under 20 shares per transaction, and 1861 shares to go. I have quickly amended the order.:t_down:. But it's not the fault of ASB.