Where Does The Next Dividend Come From?, page-23

As far as I can read (ALF Backwards announcements) its always been a dividend fully franked you cannot frank a return of capital as I understand it because its not taxable. Sometimes they are sneaky and announce they are returning capital by way of a special dividend ( Not ALF as far as I can see).

Since 2004 they have eps of around 131c and have paid dividends of around 98c but the dividends have increased as a payout because of the rights that have all been taken up so you would have to add those up in aggregate to get what is the remaining pool of funds in the kitty. I think its probably correct that they have one more 5c fully franked and then that is it.

I think that is what is playing on holders minds as it was a high payer and those people looking for income will drift away.

I am happy to remain as long as they get to do better than market for the next 18 months whilst we all wait for direction.

The drop today has been very disappointing.