Forum Archive Index - September 2003

["winner69 ." <wwinner69@hotmail.com>]

Snoopy - the RBD property sales realised $50M (not the $10.9million you 
mentioned)

If used to pay down debt current debt would be very low - so the current 
debt of $30M odd is a lot higher than it could be. So what was the extra 
debt raised for?.

Look at the cumulative cash flows over the last 5 years or so. Look at 
operating cash flows plus property sales less investments plus/minus changes 
in borrowings and make your own mind up where the dividends have come from

Many different interpretations but two are property sales or borrowings

That same overview will also confirm what you have worked out - the dividend 
is probably safe unless they take on another concept or make another 
acquisition.

Also have you noted that the DRIP scheme keeps a fair bit of cash in the 
company.

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