Pellet Price, page-470

There has been a tax payment in the current half of $3.965mil as per Note 18 Trade & other payables in the Dec17 accounts which will increase their franking credits available to $13.35mil which is enough to cover fully franked dividends amounting to $31.15mil(2.7c/share). It would appear to me that they are still cleaning up their tax returns with the ATO from up to five or more years ago given that their Deferred Tax Asset balance of $304.6mil(net tax benefit $91.4mil) not recognised in the Accounts/Balance Sheet that commenced in the 2015 year and that has been reduced since then by around 30% due to profits made.
So assets not recognised in the Accounts are the 70% interest in Southdown(no value in the Accounts) plus the above net tax benefit of $91.4mil and the actual Tasmanian plant & equipment are valued in the Accounts at $138mil, which includes a value of $110mil for the South deposit tailings dam construction(SDTSF) - you can just imagine what the replacement value of the total operation would be. So the stated NTA of 33c is nowhere near a true reflection of the actual worth of the operation.