Well spotted!
Sneaky Geoff likes to report on his LIC "profits reserves" and "years of dividend coverage" but never includes "franking credits reserves".
Without franking, the yield becomes a lot less attractive for retirees.
They can sell current positions with unrealised gains to generate some profits to buy them some time.
But the day an announcement is made about a reduced dividend amount or reduced franking rate the stock will be punished.
Ann: Appendix 4E and Annual Report, page-6
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