Ann: Non-renounceable Entitlement Offer, page-7

@PeterPlus (fellow Jack Russel lover?),

The problem CYA has is they cannot make taxable capital gain profits until their existing tax losses are exhausted. This means that there is no franking credits from capital gains. They can however pass on credits from dividends received from their investments. It looks from their accounts that they are basing their dividends on how much franking credit they accumulate from received dividends.

Like nicleeson says, there is a benefit in buying these guys as an index tracker because you a buying at a large discount to NTA, so the yield is better than an ETF.