Pellet Price, page-461

Don't be so sure about paying tax. As per note 10 in last years accounts they have $304 million of unrecognised deferred tax assets(DTA). This means that they have losses which they haven't claimed a deduction for, from a tax perspective. Look what happened last year. They used about $45m from last years DTA balance to reduce the tax expense. I couldn't get the numbers, they provided in the accounts, to balance the movement in the DTA.

I would need to see the full reconciliation of the DTA and the tax expense. See the movement in the DTA recognised of ($15,069k) in note 10. Hopefully they can used a large portion of the DTA again this year to pay little or not tax. Not sure whey they don't recognise the DTA, given the profits being generated by the company. I think someone needs to have a look at the accounting standards and ensure that the company is compliant with the standards, given the profits that are now being generated.

Anyway, the 2c half year dividend should be fully franked, from my calculations. I'm sure were all holding our breath on that one.