rising price and volume on nzx, page-27

The payment of franking credits with this current dividend and the surivival of franking/imputation credits post a successful takeover are two completely separate issues.

I can categorically tell you all that under NZ tax rules if a shareholding in a company changes by more than 40% (or it may be 49%, I need to check) then your imputation credits (or your tax losses as well if you had any) get wiped off and you have a clean tax slate.

The only way imputation credits can build up in the new entity is with the ongoing payment of NZ income tax, which in this situation would happen.

If NZOG took over PPP (which is appearing more unlikely by the day), then Australians would not receive any franking credits as NZOG is not paying tax in Australia.