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Gilles Pty Ltd is a small gold miner. It has different types of shares including a non-cumulative preference share. In 2018/2019 Gilles Pty Ltd made

Gilles Pty Ltd is a small gold miner. It has different types of shares including a non-cumulative preference share. In 2018/2019 Gilles Pty Ltd made a loss and did not pay a dividend. Charles holds non-cumulative preference shares in Gilles Pty Ltd. He is expecting that Gilles Pty Ltd will show a profit in 2019/2020 and pay a dividend. What can Charles expect as a dividend given the shares he holds?

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