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13. Equity

a. Share Capital

(i) Movement in ordinary shares

Movement in ordinary shares

Details

Number of shares (thousands)

$'000

Opening balance 1 July 2018

65,000

63,668

Discount on shares issued

-

1,003

Balance 30 June 2019

65,000

64,671

Opening balance 1 July 2019

65,000

64,671

Discount on shares issued

-

300

Balance 30 June 2020

65,000

64,971

(ii) Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of and amounts paid on the shares held.

b. Retained earnings

Movements in retained earnings were as follows:

Movements in retained earnings

Notes

June
2020
$'000

June
2019
$'000

Balance 1 July

69,617

66,883

Opening balance adjustment (adoption of AASB 15)

-

150

Net profit for the period

22,557

30,272

Items of other comprehensive income recognised directly in retained earnings

Remeasurements of retirement benefit obligation, net of tax

10(d)

-359

-174

In specie dividend / separation adjustment

70

-514

Dividends

-10,600

-27,000

Balance 30 June

81,285

69,617

c. Dividends

Dividends

June 2020

June 2019

$000

$000

Final dividend for the year ended 30 June 2019 of 9 cents (2018: 22 cents) per fully paid share paid on 29 October 2019

5,800

14,100

Special dividend

800

500

Interim dividend for the year ended 30 June 2020 of 6 cents (2019: 19 cents) per fully paid share paid on 29 April 2020

4,000

12,400

Total unfranked dividends

10,600

27,000

All dividends declared during the year were paid out of retained earnings.

The Directors declared an unfranked final dividend of $3.2m on 27 August 2020 for the year ended 30 June 2020.

Dividend franking account

Dividend franking account

June 2020

June 2019

$'000

$'000

Class C (30%) franking credits

186,513

180,426

The above available amounts are based on the balance of the dividend franking account at year-end adjusted for:

  • franking credits that will arise from the payment of the amount of the provision for income tax
  • franking debits that will arise from the payment of dividends recognised as a liability at year-end
  • franking credits that will arise from the receipt of dividends recognised as receivables at year-end
  • franking credits that the entity may be prevented from distributing in subsequent years.

The ability to utilise the franking credits is dependent upon there being sufficient available profits to declare dividends.