Regarding the dividend yield on RAT, the following seems a...

Regarding the dividend yield on RAT, the following seems a reasonable position.

RAT is scheduled to pay 11.36c a year fully tax deferred.

Share price in recent days has dropped to 96c.

That's a yield of 11.83%.

RAT says their dividends are fully hedged at 87c for the next 6-8 years.

Assume that the $A and the USD go to parity - ie $A1 = USD1.

That last happened in about 1982.

The yield on RAT is not entirely determined by the conversion of USD into $A but is a factor.

Assuming the exchange rate is the sole factor, then even a 10% appreciation in the $A results in a 10% drop in dividends.

That is, the yield changes from 11.36c to 10.23c.

I say, whats really the big deal about that???

The yield would still be over 10% trading at 96c a share.

Thoughts? Opinions? Detractors?