Ann: FY2018 Half Year Results Presentation, page-7

Underlying numbers should be ok but I doubt CAJ will make a profit this year. One of the items IDX made them include in the bidder's statement was cost of acquisitions. Total estimate for FY18 is $9.9 million. There is only $1.6 million showing in the HY presentation. Final figure might not be that high but it's going to be up there. Going to have to wait and see with the borrowing costs too, I-rad & RT have been paid for out of the over draught/loan facility and the unsecured notes will probably be refinanced as the money set aside for that has now been promised to IDX holders as part of the T/O.

Good pick up on the dividend!! I get the feeling it is a mistake to reinstate it in the middle of a T/O (won't complain when the money is my account though). IDX wanted the acquisition costs included for a reason, combine that with a dividend higher than NPAT and IDX will be telling everyone that CAJ management think they own a magic pudding and couldn't run a chook raffle.

Shame really, remove the T/O, throw in another acquisition and the SP would be flying.