Quote Originally Posted by Under Surveillance View Post
You might be right, especially if NPAT comes in at the top of, or above, the forecast band of $24 to $26 million.
The policy was to pay dividends within the range 40% to 60% of NPAT.
In FY 2012 NPAT was $24.7 million and the payouts, 3 and 5 cents, amounted to 62.2% of NPAT.
I don't know what the dividend policy is now, but clearly 60% is no longer a cap.
I don't think there is any indication of a change in dividend policy here. If SKL had reduced their final dividend from 5cps to 4.72cps, then they would have remained under their 60% self imposed 'payout ratio cap'. I wouldn't have expected any shareholder have actually expected such a fractional adjustment to meet the declared 40% to 60% target range though. Sometimes one can take this decimal point business one step too far.

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