Ann: Half Yearly Report and Accounts, page-16

Hi g41,

Freemantle is a giant and BYI is a minnow. Freemantle's revenue for 2015 was more than EUR 1.5 billion, whilst BYI's revenue was only AUD 92 million.

The 20% stake that Freemantle holds in BYI is a strategic stake that gives Freemantle a seat at the table in any future ownership changes in BYI. In this relationship, I think Freemantle is in a position of power, therefore BYI's board is unlikely to be successful in convincing Freemantle to let go its strategic stake.

In regards to making a capital return instead of paying unfranked dividends, personally, I think I would benefit more by receiving a capital return. However, I think the board must have different reasons for choosing the unfranked dividends option.

Cheers
Travelightor