Now suppose that the payout amount was $US 150M (just by way of...

Now suppose that the payout amount was $US 150M (just by way of an example).  Under the proposed split, shareholders would receive 4.75 cps and POH would retain $AUD 135M.  The question is, how would management see POH using this money or indeed could they use that money in any reasonable timeframe. 

If POH were to receive $US150M and I were to receive 4.75c per share and the share price sat at cash backing value, let's say 10c+ I have to be honest and say after all this time I think I would take the money and run.  Not sure I'm still interested in what the company can achieve in the next say 5 years.  It's been a long hard slog for long-term POH investors.