The Company releases details of its net tangible asset (NTA) backing per share each month.

 

Historical published NTA backing of the Company:

 

Month ending	Cents per share (after tax)
February 2009	58.19
January 2009	58.92
December 2008	61.37
November 2008	60.74
October 2008	71.66
September 2008	76.26
August 2008	91.40
July 2008	90.01
June 2008	95.30
May 2008	99.81
March 2008	95.04
January 2008	99.21
December 2007	114.17
November 2007	115.73
October 2007	123.06
September 2007	127.66
August 2007	119.55
July 2007	124.81
June 2007	121.87
May 2007	121.09
April 2007	116.61
March 2007	102.22
February 2007	102.16
January 2007	106.03
December 2006	109.95
November 2006	108.95
October 2006	104.78
September 2006	98.91
August 2006	98.06
July 2006	97.69
June 2006	98.26
May 2006	101.00
April 2006	98.50
March 2006	93.91
February 2006	93.58
January 2006	92.29
December 2005	90.52
November 2005	89.46 (post 1 for 4 share conversion completed on 1 December 2005) 22.37   (pre share conversion)
October 2005	22.29
September 2005	22.81
August 2005	21.95
July 2005	22.11
June 2005	21.25
May 2005	21.13
April 2005	20.7
March 2005	17.0
February 2005	17.0
January 2005	16.6
December 2004	16.9
November 2004	17.5
October 2004	17.2
September 2004	17.9
August 2004	17.7
July 2004	19.1
June 2004	18.7
May 2004	20.0
April 2004	20.3
March 2004	20.4
February 2004	20.6
January 2004	20.4

It is the objective of the Company to provide a regular and stable dividend payment to shareholders after the announcement of its half year and full year operating results.  These results are normally announced in February and August each year and the Company will endeavour to announce its dividend payments at this time.

 

The Company intends to distribute to shareholders at least 50% of the available net profits arising from the dividend, interest and other income it receives from its investments and the gains on its investments, to the extent permitted by law and prudent business practices.  Dividends will be franked to the extent that available franking credits permit and in accordance with the stated objective of providing 2 dividend payments a year.

 

The Company does not presently have a Dividend Reinvestment Plan (“DRP”).  The Directors propose to develop and implement a DRP in the future, subject to there being a reduction in the current discount between the Company’s share price and its Net Tangible Asset backing.  

 

Historical dividend payments made by the Company:

 

Record Date	Payment Date	Dividend Rate per share	Extent of Franking
18 September 2007	28 September 2007	2.6 cents ($0.026)	100%
23 February 2007	08 March 2007	2.4 cents ($0.024)	100%
23 August 2006	31 August 2006	2.4 cents ($0.024)	75%
11 April 2006	26 april 2006	2.4 cents ($0.024) <//span>	50%
30 Sept 2005	7 Oct 2005	0.6 cents (or $0.006)	50%
8 Oct 2004	15 Oct 2004	1.5 cents (or $0.015)	100%
5 Jul 2004	12 Jul 2004	1.0 cent (or $0.01)	100%
18 June 2003	1 July 2003	1.5 cents (or $0.015)	0% (Unfranked)

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