Yes @Madtrader, it is Corps law. I've been down this burrow and...

Yes @Madtrader, it is Corps law. I've been down this burrow and I recall this issue is that Corps Law requires that dividends can only be paid from profits. I think though that (a) the law does not require you to make good previous losses before distributing from current profits; and (b) the losses were overwhelmingly attributable the write offs, driven primarily by the the then sad state of the IO markets. As these fortunes have now returned, one could argue that those devaluations might be worth a revisit ... For perspective 12/17 annual report net assets excluding current assets had a book value of around $126M. The companies net profit after tax in that year was $60m ... that's an ROI of around 50% ... hmmm, smells like something is not quite right. Hence, I'm sort of happy with the "accounting ruse' name.

Not tax law though as companies can pay un-franked dividends.

All pretty moot though I suppose but an upward valuation might draw some positive attention.

Have a great day