11% div on a 0.029 sp !, page-16

I thought I would add my 2cts worth - agree the dividend doesn't make sense however I think it's the Directors of MSG signaling to the market it's view on maintainable earnings

Current Div 650,000 As announced
Pro-rata 975,000 Grossed up for only 8 months trading
Est. NPAT 1,218,750 Assumed payout ratio of 80%
Est. EBITDA 1,891,071 Grossed up for 30% tax - assume $150k for D&A

This figure is not far off the current annualised EBITDA calculated from the quarterlies (sorry for the poor format - focus on the last couple of lines)

31/03/2016 30/06/2016 30/09/2016

Receipts 4,801 5,169 4,156

Pmts
Staff -3,344 -3,827 -3,842
Adv & Mkt -6 -43
R&D - -
Leased assets -21 -25 -22
Other WC -537 -133 -325
Interest 5 5 4
Tax -85 -86 -
GST/BAS -364 -392 -407
Other -473

Operating cash flows -18 705 -479

Cash 390 1,070 835

NWC
Cash & Net receivables 1,890 2,180 2,800
Recievables 1,500 1,110 1,970

Invoiced not receivables 2,230 1,920 2,680

Accured revenue 5,105 4,779 5,016

Annualised Rev 20,420 19,116 20,064
Annualised EBITDA 1,548 1,708 1,768