asset divestment - cash dividend

I realise that the Company has flagged either a divided OR an in-specie distribution of shares SHOULD the divestment plan go ahead, but I'm particularly interested in the cash distribution side of things.

Does anyone know exactly how this sort of thing usually works when an asset is divested and a dividend is paid to shareholders?

In particular, I'm interested in the tax status of that type of transaction. Is it usually done as a dividend (fully franked?) or a return of capital? In both these cases I would think it would be a tax free distribution to shareholders.

Thanks in advance.