Highlights

  • Ignite Limited offers an indicated dividend yield of approximately 9.3%, significantly above the recruitment sector average.
  • Revenue declined 18% in 1H FY2026, while net profit fell around 50%, increasing pressure on future dividend payments.
  • The company maintains a net cash position of more than A$5 million, providing a near-term buffer for shareholder distributions.
  • Dividend sustainability remains high risk due to earnings weakness, a short dividend track record, and ongoing revenue contraction.

A dividend yield approaching double digits on any ASX-listed stock warrants close scrutiny. When that stock is a micro-cap recruitment agency carrying barely A$12 million in market capitalisation, the scrutiny must be even more rigorous. Ignite Limited (ASX:IGN) is currently offering an indicated yield of 9.29% at a share price of A$0.700, drawing the attention of income-focused investors hunting for yield in a market where the Reserve Bank of Australia's policy rate remains front of mind.

The question investors must ask is not merely whether the yield is attractive, but whether the underlying business can sustain dividend payments into the future. Ignite's recent financial journey — from years of losses and suspended dividends, through a share consolidation, a rights issue, back-to-back EPS improvements, and then a sharp revenue decline in the first half of FY2026 — makes that a legitimately complex question to answer.

This analysis draws on Ignite's FY2025 full-year results, its 1H FY2026 half-year results (period ending December 2025), dividend history, balance sheet data, sector context, and the macroeconomic environment facing Australian staffing companies in mid-2026. The data picture is meaningful but, given the company's micro-cap status and thin analyst coverage, some figures carry inherent uncertainty and are flagged accordingly.

Company Overview

Ignite Limited traces its origins to 1984. Long-time followers of the ASX will recognise the company under its former name, Clarius Group, which rebranded to Ignite Limited. The company is headquartered in Sydney and listed on the ASX under the ticker IGN.

At its core, Ignite is a workforce solutions business that connects skilled professionals with employers across Australia and New Zealand. Its operations span three principal segments:

  • Specialist Recruitment — the dominant revenue driver, representing approximately 98.7% of FY2025 group revenue. This segment covers contingent labour, permanent placements, and payroll management services across both public and private sector clients, with a particular focus on IT and digital roles, cybersecurity, engineering, business support, project management, and library/information services.
  • On-Demand IT Services — a smaller but strategically important segment offering IT field projects, network management, managed services, cloud solutions, infrastructure upgrades, and cybersecurity professional services delivered by Ignite-sourced contractors engaged by client organisations.
  • Corporate — the group's unallocated overhead and central function costs.

The company employs approximately 33 people directly (as at December 2025), down from around 40 at the end of FY2025. That headcount figure reflects Ignite's position as a lean intermediary — the majority of the individuals it places are contractors or permanent hires who work for the company's clients, not for Ignite itself.

At a market capitalisation of approximately A$11.58 million (as at 14 June 2026 based on a A$0.700 share price and approximately 16.5 million shares on issue), Ignite sits firmly in micro-cap territory. Trading volumes are characteristically thin, and the stock is not covered by any major broking house research team based on available public information. This places the onus of due diligence squarely on the individual investor.

In November 2024, Ignite completed a 1-for-10 share consolidation, reducing its issued capital significantly. The company also undertook a capital raising exercise around the same period. These corporate actions restructured the share register but did not alter the underlying economic reality of the business.

Dividend Profile

Ignite's dividend history is brief and must be viewed with that brevity in mind. The company did not pay dividends for an extended period prior to FY2025, meaning it has not yet established the kind of multi-year, uninterrupted track record that income investors typically seek.

The dividend programme was formally reinstated in FY2025 after the company achieved profitability and generated positive free cash flow. The timeline of payments is as follows:

  • Interim dividend (1H FY2025): A$0.035 per share, ex-dividend date 27 February 2025, paid 21 March 2025.
  • Final dividend (2H FY2025 / FY2025 full year): A$0.035 per share, ex-dividend date 28 August 2025, paid 12 September 2025.
  • Interim dividend (1H FY2026): A$0.030 per share, ex-dividend date 26 February 2026, paid 20 March 2026.

The combined FY2025 dividend amounted to A$0.070 per share (two equal payments of A$0.035). On the current share price of A$0.700, this equates to an historical yield of 10.0%. The more recent 1H FY2026 interim dividend of A$0.030 is lower than either of the FY2025 payments, which is a meaningful signal and warrants examination.

The FY2025 final dividend was declared as fully franked, which is noteworthy and represents real value for eligible Australian resident shareholders. Fully franked dividends carry attached imputation credits that can be used to offset an investor's income tax liability, or refunded in cash where a shareholder's marginal rate is below the corporate tax rate of 30%. At A$0.035 per share fully franked, the grossed-up value to a shareholder on the 30% corporate tax rate is A$0.05 per share. The franking status of the most recent 1H FY2026 interim dividend of A$0.030 has not been independently confirmed for this article from a primary source — investors should verify this directly via the ASX announcement before making investment decisions.

The payout frequency is semi-annual, meaning investors receive two dividend payments per year tied to the company's reporting cycle. There is no indication that special dividends have been paid or are contemplated. The Dividend Reinvestment Plan (DRP) was reinstated alongside the FY2025 results, offering a 5% discount to the market price for shareholders who elect to participate — a modest incentive designed to conserve cash while accommodating shareholder income preferences.

The stated yield of 9.29% at A$0.700 is conspicuously high by any standard and is almost certainly the market reflecting a degree of scepticism about whether the current distribution rate is maintainable. When a yield is materially above the broad market average and significantly above the sector average (the recruitment industry average dividend yield is approximately 3.8%), that premium typically signals risk rather than simply generosity.

Dividend Sustainability Analysis

Payout Ratio and Earnings Cover

The payout ratio is the most fundamental measure of dividend sustainability, and for Ignite it immediately raises a yellow flag. On FY2025 earnings per share (diluted) of A$0.054 (net profit of A$1.24 million divided by approximately 17 million diluted shares), the full-year FY2025 dividend of A$0.070 per share represents a payout ratio of approximately 130% of EPS on a trailing basis — meaning the company paid out more in dividends than it earned per share in FY2025.

Note: The payout ratio figure varies across data sources depending on whether pre-consolidation or post-consolidation share counts are applied. Some market data platforms report FY2025 EPS at A$0.076 to A$0.080 (using a lower diluted share count), which would place the earnings payout ratio at approximately 88–92%. Regardless of which figure is applied, earnings cover of the dividend is tight to negative. The P/E of 12.94x on the current price and a diluted EPS TTM of A$0.054 implies annualised earnings of approximately A$0.054 per share, against a trailing full-year dividend rate of A$0.070 — still an earnings payout ratio significantly above 100% on a TTM basis.

The picture is more encouraging when cash flow is considered. For FY2025, Ignite generated operating cash flow of A$1.99 million and free cash flow of A$1.92 million (after minimal capital expenditure of A$0.07 million). Total dividends paid in FY2025 were A$0.57 million, implying a cash payout ratio of approximately 30–35% — a far more comfortable level. This gap between the earnings payout ratio and the cash payout ratio reflects the labour-intensive, asset-light nature of the staffing business: working capital movements (particularly collections on receivables) can generate cash well in excess of accounting profit.

Revenue and Profit Trends

Ignite's revenue trajectory is the single most concerning element of the sustainability picture. Revenue has declined for four consecutive fiscal years:

  • FY2022: A$114.2 million
  • FY2023: A$106.6 million (down 6.7%)
  • FY2024: A$96.6 million (down 9.3%)
  • FY2025: A$90.2 million (down 6.7%)
  • 1H FY2026 (Dec 2025 half): A$38.3 million (down approximately 18% on the prior half)

The acceleration of the revenue decline in the most recent half-year is a significant concern. A drop of 18% in 1H FY2026 versus the corresponding period is more severe than any single half in recent years. If this rate of decline persists into the second half of FY2026, the full-year revenue would land well below A$80 million, which would be material to earnings and cash generation capacity.

Profitability at the net income line has improved over the past two years, but from a very low base. FY2024 net profit was A$0.62 million; FY2025 improved to A$1.24 million — a 100% increase in absolute terms, but the doubling was achieved off a base of under A$1 million. In 1H FY2026, net income fell sharply to approximately A$308,000 — down around 50% from the A$620,000 reported in 1H FY2025. If the 1H FY2026 result is indicative of the full-year FY2026 trajectory, net profit for FY2026 could potentially fall to A$600,000–A$800,000 or lower, depending on how the second half performs.

Gross margin has shown marginal improvement, rising from 11.49% in FY2023 to 12.02% in FY2024 and 12.98% in FY2025. For a staffing and recruitment business, this is a thin but not unusual margin structure. The key to profitability in this sector is the operating leverage on the fixed cost base — the ability to maintain gross profit dollars while managing corporate overhead. With revenue contracting, this leverage works in reverse.

Operating Cash Flow and Free Cash Flow

Ignite's cash generation record in recent years is one of the more supportive elements of the dividend case. Operating cash flow has been positive in each of the last three fiscal years:

  • FY2023: A$0.54 million operating cash flow
  • FY2024: A$2.64 million operating cash flow
  • FY2025: A$1.99 million operating cash flow

The FY2025 free cash flow figure of A$1.92 million is comfortably above the A$0.57 million in dividends paid that year, providing a ratio of approximately 3.4 times free cash flow cover of dividend payments. On that metric alone, the FY2025 dividend was defensible. However, free cash flow of A$1.92 million in FY2025 was itself partly supported by working capital improvements — a A$0.68 million reduction in receivables as revenue declined. As revenue contracts, receivables collections can temporarily flatter operating cash flow.

For 1H FY2026, cash flow data is not separately available in publicly sourced data at the time of writing. Given the sharp decline in net income to A$308,000 in the half, the free cash flow generated in the period is likely to be materially lower than the corresponding period's prior-year performance, though the asset-light model means the business does not require significant capital expenditure to operate.

Balance Sheet and Net Cash Position

The balance sheet provides a degree of comfort. As at 30 June 2025, Ignite held cash and cash equivalents of A$5.321 million. Total assets were A$13.395 million and total liabilities were A$4.895 million, resulting in net assets (equity) of approximately A$8.5 million. The company's debt-to-equity ratio is reported at approximately 0%, and the debtor finance facility reportedly remained undrawn at year end.

Net cash per share was approximately A$0.30 (using the approximately 16.5 million shares on issue), which is substantial relative to the current share price of A$0.70. That cash cushion — broadly A$4.95 million net of any liabilities — provides a buffer that the board could theoretically deploy to sustain dividends for a limited period even if earnings deteriorate. However, that buffer is finite and paying dividends from reserves rather than operational cash flow is not a sustainable long-term policy.

Franking and Tax Position

The FY2025 final dividend was declared fully franked, which implies Ignite has been paying Australian corporate income tax and accumulating franking credits. For a company that was loss-making as recently as FY2023 (net loss of A$1.55 million), the availability of franking credits at full rate suggests either that taxable income differed from accounting income in prior years, or that the franking account was built up during profitable periods before the recent loss years. Investors should independently verify the current balance of the franking account with the company or from its most recent financial statements, particularly given the scale of prior losses and the short history of profitability.

If the company's taxable income in FY2026 is significantly lower than accounting income — or if a tax loss position re-emerges — the company's ability to frank future dividends would be constrained. Unfranked dividends from an entity of this scale carry less tax efficiency for many Australian resident investors.

Management Commentary and Dividend Policy

When announcing FY2025 results in August 2025, management described "increased profit" and reinstated the DRP, framing the dividend resumption as a reflection of restored profitability and cash generation. The statement of a fully franked final dividend alongside the DRP reinstatement with a 5% discount signals that the board was both confident enough to reinstate dividends and prudent enough to offer a cash-conservation mechanism through reinvestment.

The declaration of a 1H FY2026 dividend of A$0.030 — lower than the A$0.035 per half paid throughout FY2025 — is a quiet but meaningful signal. The board appears to have responded to the deteriorating first-half performance by trimming the payment, which is arguably a prudent move but does little to dispel concerns about the trajectory. Whether the board maintains dividend payments into 2H FY2026 and beyond will depend on how the remainder of the fiscal year tracks.

Sector-Specific Risks

Cyclicality of Staffing and Contingent Labour

The professional staffing and recruitment sector is among the most cyclically sensitive in the services economy. Demand for contingent labour — a core component of Ignite's revenue — is among the first to weaken when businesses tighten hiring in response to economic uncertainty, rising interest costs, or budget pressure. Conversely, permanent placement revenue slows as candidates become more cautious and employers freeze headcount. Ignite's revenue decline from A$114 million in FY2022 to A$90 million in FY2025 is consistent with broader staffing sector softness across Australia and New Zealand.

The Australian recruitment market was broadly flat through FY2025, with SIA (Staffing Industry Analysts) forecasting a return to 3% growth for calendar 2026. However, the degree to which Ignite participates in any recovery is uncertain given its niche positioning and the steeper-than-market revenue declines it has experienced.

Government and Public Sector Contract Exposure

Ignite's focus on IT and digital recruitment places it in a sector that intersects heavily with Australian public sector and federal government IT spending. Government departments represent important customers in the IT staffing space. While Australian government IT expenditure is projected to grow to AUD $172.3 billion by 2026 (per Gartner), the distribution of that spend is highly concentrated among large panel contractors and major technology providers. Micro-cap staffing agencies must compete for portions of panel agreements and may face panel consolidation risk.

The Australian National Audit Office has repeatedly noted opacity in government contractor spending, and governments periodically announce reforms to reduce contractor reliance or internationalise sourcing panels. Any sustained shift in government procurement policy could disproportionately affect smaller specialist staffing businesses like Ignite.

Margin Pressure in Recruitment

Gross margins in staffing — essentially the mark-up earned on labour placed — are structurally thin. Ignite's gross margin of 12.98% in FY2025 means that roughly A$87 in every A$100 of revenue flows directly to contractor pay and costs. Operating profit margin was a wafer-thin 1.29%. The implication is that any further compression of gross margin — through client pressure on bill rates, increased competition, or shifts in the mix toward lower-margin placements — would rapidly eliminate the small profit buffer available to sustain dividends.

Client Concentration Risk

At A$90 million in revenue from a business employing just 33 internal staff, the revenue per employee ratio implies a small team managing a large contractor workforce. The concentration of relationships in the hands of a small number of key personnel creates client concentration and key-man risk. Losing a major client relationship or a key account manager could have a material impact on revenue and earnings — a risk amplified by the thin margin structure.

Cash Conversion and Working Capital

Recruitment businesses are inherently working-capital-intensive. Contractors are typically paid weekly or fortnightly, while clients may take 30 to 60 days to pay invoices. A receivables ledger of meaningful size relative to the company's balance sheet must be carefully managed. Ignite's FY2025 balance sheet showed total assets of A$13.4 million — a substantial proportion of which is likely trade receivables. Any deterioration in debtor collection, or the loss of a major client impacting receivables quality, would directly impact cash flow.

Micro-Cap and Liquidity Risk

With a market capitalisation of approximately A$11.58 million at A$0.700 per share, Ignite is a micro-cap stock by any definition. Average daily trading volumes are likely to be very low. Investors considering a meaningful position must accept that exiting the stock at or near the quoted price may be difficult, particularly if adverse news is released. The bid-ask spread is likely to be wide relative to the share price, further eroding the effective return. The 52-week range of A$0.5950 to A$1.65 illustrates the degree of price volatility that can occur even in quiet periods for a stock of this size.

Red Flags

  • Revenue decline accelerating: The 18% fall in 1H FY2026 revenue is the sharpest half-on-half decline in recent history and is significantly worse than the broader recruitment market's expected stabilisation. If the decline persists, full-year FY2026 earnings could be insufficient to sustain the current dividend rate.
  • Earnings not covering the dividend: On a trailing EPS basis, Ignite has paid out more in dividends than it earns per share. While cash flow has been more supportive, the narrow earnings base leaves almost no buffer if conditions worsen.
  • Very short dividend history: Ignite has paid dividends for only approximately two half-year periods prior to the current valuation point. This is not a company with a proven track record of maintaining distributions through a cycle.
  • 1H FY2026 net profit fell 50%: Net income of A$308,000 in the December 2025 half represents a significant deterioration from the A$620,000 reported in 1H FY2025. EPS fell from A$0.038 to A$0.019 — a 50% drop in a single half-year.
  • 1H FY2026 dividend trimmed: The board reduced the interim dividend from A$0.035 to A$0.030, which, while small in absolute terms, signals awareness of the tighter earnings environment.
  • Micro-cap risk: Low liquidity, no institutional research coverage, and a small internal team create event risk that is difficult to price.
  • Revenue contraction from A$114M to well below A$90M: The business has consistently shrunk in revenue terms for four consecutive years, suggesting structural rather than purely cyclical headwinds.
  • Thin operating margins: An operating margin of 1.29% leaves virtually no room for error. Cost overruns, a single major client departure, or a further market softening could push the company to break-even or a loss position.

Bull Case

  • Net cash position provides a meaningful buffer: With approximately A$4.95 million in net cash on the balance sheet at FY2025, the company has the financial capacity to sustain dividends even if earnings temporarily disappoint. At A$0.030 per half, the annual dividend costs approximately A$0.99 million on 16.5 million shares — well within the cash position even in a weaker year.
  • Free cash flow well in excess of dividends paid (FY2025): The A$1.92 million in free cash flow generated in FY2025 comfortably covered the A$0.57 million in dividends actually paid. Cash payout ratio was approximately 30%.
  • Fully franked dividends add genuine value for Australian investors: The tax-effective grossed-up yield is materially higher than the headline 9.3% figure for Australian resident investors on lower marginal tax rates.
  • Asset-light business model: With minimal capex requirements, virtually all cash generated from operations is available for distribution or reinvestment. There is no heavy capital programme that could crowd out dividends.
  • DRP with 5% discount conserves cash: The reinstated DRP allows shareholders to reinvest dividends at a discount, reducing the cash outflow from the company and extending the sustainability of the dividend policy.
  • Australian IT spending growing strongly: Total Australian IT expenditure is forecast to rise to AUD $172.3 billion in 2026, up 8.9%. If Ignite can capture any portion of that incremental demand through its On-Demand IT services segment, it could stabilise or reverse the revenue trend.
  • Revenue declines may be bottoming: The recruitment market is expected to recover modestly in calendar 2026 per SIA forecasts. If placement activity picks up, Ignite's staffing revenue could stabilise.
  • Gross margin expansion trend intact: Margins have expanded from 11.49% in FY2023 to 12.98% in FY2025, demonstrating some pricing power and mix-shift capability.

Bear Case

  • Revenue decline may be structural: Four consecutive years of revenue contraction, accelerating to -18% in the most recent half, raises legitimate questions about whether Ignite is losing competitive position permanently rather than experiencing a cyclical downturn.
  • Dividend exceeds earnings on a trailing basis: If the dividend is not being covered by earnings, it is effectively being paid from cash reserves. Reserves are finite. A dividend funded from balance sheet cash rather than recurring free cash flow is inherently time-limited.
  • 1H FY2026 earnings trajectory is alarming: A 50% fall in net income in a single half, to just A$308,000, means the full-year FY2026 net profit could be as low as A$600,000–A$800,000. On 16.5 million shares, that implies EPS of approximately A$0.036–A$0.048 — potentially below the annualised dividend rate of A$0.060 (based on the new lower 1H FY2026 rate) and certainly well below the prior-year dividend rate of A$0.070.
  • No analyst coverage means no valuation anchor: The absence of sell-side research means there is no established earnings or dividend estimate to test the sustainability case against. Price discovery is poor.
  • Key-person and client concentration risk: A 33-person internal headcount managing large contractor pools is inherently fragile. Departure of key staff or loss of a major client could disproportionately impact revenue.
  • Franking sustainability uncertain: If the company generates insufficient taxable income in FY2026, the ability to fully frank dividends going forward may be compromised, reducing their effective value to shareholders.
  • Share price already down sharply: The 52-week high of A$1.65 against the current price of A$0.70 — a fall of approximately 58% — suggests the market has already begun pricing in significant earnings deterioration. A further de-rating cannot be ruled out if dividends are cut or suspended.

Latest News and Recent Developments

In August 2025, Ignite announced its FY2025 full-year results under the headline "increased profit and final dividend." The company declared a fully franked final dividend of A$0.035 per share for the second half of FY2025, matching the interim dividend paid in March 2025. Management simultaneously reinstated the Dividend Reinvestment Plan with a 5% discount, signalling confidence in the dividend's near-term continuity.

The DRP reinstatement is notable for a company of this size. It suggests the board wishes to grow the shareholder base and retain capital simultaneously, acknowledging the tension between distributing cash to existing holders and keeping the balance sheet robust.

In February 2026, Ignite released its 1H FY2026 (December 2025 half) results. The headline numbers were disappointing: revenue of A$38.3 million (down approximately 18% on the prior corresponding period), net profit of A$308,000 (down 50%), and EPS of A$0.019 (down from A$0.038 in 1H FY2025). Despite this deterioration, the board declared an interim dividend of A$0.030 per share — a reduction of approximately 14% from the prior-year interim — with an ex-dividend date of 26 February 2026 and a payment date of 20 March 2026.

In November 2024, Ignite completed a 1-for-10 share consolidation approved by shareholders, followed by a limited capital raising. These transactions restructured the company's share capital, increased the cash position, and repositioned the company with a cleaner balance sheet ahead of its dividend reinstatement.

From a broader sector perspective, IT staffing demand in Australia is being influenced by two competing forces: sustained growth in enterprise and government IT investment (forecast at A$172 billion by 2026 per Gartner), but also shifts toward offshore delivery, automation of lower-skill IT tasks, and periodic government reviews of contractor usage. For a small domestic specialist like Ignite, navigating these crosscurrents requires strong client relationships and differentiated service delivery.

As at 14 June 2026, Ignite's share price of A$0.700 compares to a 52-week high of A$1.65 and a 52-week low of A$0.5950. The stock's decline from its year high to current levels reflects the market's reassessment of earnings prospects following the weak 1H FY2026 results.

Dividend Sustainability Rating

Rating: High Risk

Ignite's dividend is assigned a High Risk sustainability rating. The rationale rests on several converging factors that, taken together, make the current distribution trajectory difficult to maintain without further deterioration in balance sheet cash.

The headline 9.29% yield, while superficially attractive, is a function of a falling share price rather than a rising dividend — never a reassuring combination. The most recent half-year results showed revenue falling 18%, net profit declining 50%, and EPS of just A$0.019 for the half. Annualising that result produces estimated FY2026 EPS of approximately A$0.036–A$0.050, which is below or barely in line with the annualised dividend rate of A$0.060 (based on the lower 1H FY2026 payment).

The dividend is not formally "unsustainable" at this moment, for two reasons. First, the cash balance of approximately A$5.3 million provides a meaningful runway to sustain payments even if earnings are weak. Second, the operating cash flow in FY2025 — at A$1.99 million — provided comfortable cash coverage. However, with 1H FY2026 earnings down 50% and revenue declining sharply, the probability that the second half of FY2026 will restore sufficient cash generation to support a A$0.030+ semi-annual dividend has reduced considerably.

The company's very short dividend track record (two and a half periods), thin operating margins, ongoing revenue contraction, micro-cap structure, and lack of analyst oversight all contribute to heightened risk. The rating of High Risk does not mean a dividend cut is certain, but it does mean the probability of a reduction, suspension, or shift to a lower run-rate is materially elevated compared to a typical dividend-paying company.

Investor Takeaway

Ignite Limited presents a genuinely complex case for income investors. On one hand, the company carries meaningful net cash, has generated positive free cash flow in recent years, and has demonstrated the willingness to return cash to shareholders through a fully franked dividend programme. On the other hand, the revenue contraction is persistent and accelerating, the first-half FY2026 earnings result was materially weaker than the prior period, and the dividend is not comfortably covered by current earnings.

The indicated yield of 9.29% — well above sector norms and market averages — is the market's way of signalling that investors are being compensated for taking on a meaningful degree of uncertainty. That yield is not, by itself, evidence of value. It may equally reflect a price that has fallen to reflect rational concerns about whether distributions will continue.

Investors considering IGN for income should weigh the following: the DRP discount, the fully franked nature of recent dividends, and the net cash buffer are genuine positives. The accelerating revenue decline, thin margins, falling earnings, and brief dividend track record are genuine negatives. A conservative income investor might wait for FY2026 full-year results to assess whether the second half of the year reversed the 1H FY2026 deterioration before committing capital primarily for yield purposes.

Investors with higher risk tolerance who believe the IT staffing market will recover and that Ignite will stabilise its revenue base may find the current yield — supported by a solid cash balance — sufficient justification to accept exposure. For others, the risk-reward profile of a 9%-plus yield from a company with a single-year dividend track record and contracting revenues warrants a high degree of caution.

This analysis is based on the best available publicly sourced data as at 14 June 2026. Given Ignite's micro-cap status and limited analyst coverage, some data points — particularly granular cash flow data for 1H FY2026 and the franking status of the most recent dividend — could not be independently verified from primary sources. Investors are strongly encouraged to review Ignite's official ASX announcements and financial reports before making any investment decision.