tax free earnings for the next 5 years

In the latest release to the market Captain Kirk announced $72 M in tax losses to be used up along with $26M in franking credits ! On the $10M , NPAT, target with 226M shares on issues this gives a eps of 4.4 cents. Take the mid point of 70% for the div payout ratio and you get 3.08 div so trading on an implied 2013 yield of 10% if the captain has his figures right. With franking credits that's close to 4.4 ie grossed up yield of 14.5%. And this will continue for the next 5 years if they have the profitable model right. And there's another $157M of tax losses that may be available if they can prove the "Continuity of ownership " test. Target now 45 cents on an undemanding current calendar year PE of 10