Ann: Investor Presentation, page-2

Premier have about $198m in franking credits after the next div is paid. That would gross up to about $660m in franked divs if my sums are correct, and I am not misreading the value of the credits.

It seems the Smiggle expansion is moving to a more capital light model, so who knows, but there could be a buyback or bonus dividend at some stage, especially if Labour is planning to amend the franking credit rules. I'm obviously not sure if Solly would be interested, or if he would prefer a stronger balance sheet. He might go part way?

The capital light plan for Smiggle could be a big catalyst for that business. They want to get out there in front of potential imitators and competitors. I'd suspect with Amazon and Ali Baba, they would restrict sales to countries where Smiggle do not have operations, and maybe use it to test market readiness and acceptance of the products. The US could be a great market for concession deals IMO.

Portmans did well this year, and in half 2 sales actually grew over pcp by 5.7% in the ex Smiggle and PA part of the business by my sums. That hasn't happened since HY 2016. I suspect relatively little value is attributed to this part of the business, and we can't tell what the margins were like, but it is a far better sign than shrinking sales.