100,000 share bids at 67.5c, page-8

That's right Ajax - it actually suggests 2 things:

- price is being suppressed because of offshore selling
- price is not being overly supported by superfunds

as such, we should not expect to see as big a sell off as we would have if superfunds bought this all the way to 80c.

On this basis, I think we the price fall ex-div should be closer to the 38c cash payment than a higher amount that takes into account the franking credit benefit.