Just got a dividend reinvestment plan statement. Late last year I sold 100 ANZ shares but recieved (a few days later) 5 additional shares as a result of my participation in ANZ's DRP. These 5 shares generated a total dividend (fully franked) of A$ 2.30 with a Franking Credit of A$0.99. This is where I get lost. In my ignorance I thought that the franking credit should be A$0.69, which is 30 % of A$2.30. I would be grateful if anyone could explain why the franking credit is $0.99 rather than $0.69.
