It looks as if that part of the dividend will be paid for by increasing debt. The free cashflow < dividend payout.
Given the debt levels, I'm surprised the payout ratio is 100%.
Market cap = $20m, Debt $35m, EV =$55m
I note that the 1H16 result is actually weaker than the 2H15 result.
Really starting to scratch my head as to why the share price rose 20%. Must be that 4c dividend that the company can't afford to pay.
GLTAH