Ann: Notice of Extraordinary General Meeting/Proxy Form, page-2

Wonder how this will go with the new Subs?

Transaction Rationale and Use of Sale Proceeds

The REF Board have taken the decision that the transaction will achieve the best return for shareholders and propose using the proceeds to pay a fully franked special dividend in the range of $2,500,000 (representing 2.7 cents per share) following completion of the transaction. REF has $4,300,000 in franking credits as of 30 April 2019 with a portion to be utilised for the special dividend.

Let's say it goes as proposed that's 2.7c Div and a shell with $1.8m of FC for $0.034. Cheap?