Orora announced to sell its Australasian Fibre business for A$1.7 billion to Nippoin Paper Industries. Net proceed after tax is estimated to be around A$1.55 billion. The company announced to return the majority of the net proceeds of A$1.2 billion to shareholders. Completion is expected to occur at the end of April 2020 – the company already received regulatory approval. If I assume that the company pays out A$1.2 billion (a combination of ordinary and special dividend), then the company’s dividend yield in FY20/FY21 (Financial year end is June) will be around 40% and consensus