What pundits didn't pick up is the next dividend in April is unlikely to be imputed.
This is possibly what caused the share price to take another leg down this morning.
Printable View
Page 22 of the presentation states “Due to lower cash tax payments in FY24, the Company does not expect to be in a position to impute the interim FY24 dividend”. This suggests that the imputation credits attached to the final FY23 dividend announced today will clear out the imputation credit account to 31 March 2024 and given the interim dividend is usually paid in April, that the imputation credits for the year ended 31 March 2025 are also expected to be under pressure.
Al also keeping buying up FBU, as well as KMD....
http://nzx-prod-s7fsd7f98s.s3-websit...566/400647.pdf
Our friends at Alan Gray still buying when the going is good
They know bargains like FBU, KMD and SKC
http://nzx-prod-s7fsd7f98s.s3-websit...566/400647.pdf
At Allan Gray, our philosophy is simple: to take a contrarian approach,
apply it consistently and invest for the long term.
Sort of like me punting on the Highlanders year after year.