good discount to nta, page-5

Pretty happy with it. The dividend cut might upset a few people but it doesn't bother me. For me, the smaller the dividends, the better: I'm happy to have the folks at MLT manage my money, rather than give it back to me.

The earnings per share figure, based on underlying operating profit before special dividends, net realised gains etc., is slightly better than forecast in April, at 85 cents per share (down 13.8% vs predicted 14-16%). With the full year dividend of 78 cents, the payout ratio remains in the low 90s.

I imagine Argo's final report will be similar.