The thing is they are carrying so much cash, there is no sign of cash flow problem whatsoever - free cash flow of $27 mil for a MC of $170 over just one half! Even after taking out the decrease in (assumedly SACC) loans of $8mil this is very impressive.
Considering the amount of cash they are carrying - Net current assets of $110 million, enough to repay all long term borrowings twice over - removing the dividend only shows that they are expecting to write a lot more of the new MACC loan products over the coming year, since they are larger than the SACCs and have longer turnarounds I guess thats why they need all the cash. (Hopefully they aren't considering acquisitions)
Ann: Media Release Half-Year 31.12.16, page-9
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