No announcement yet from TGF, but it wouldn't surprise me if they keep shareholders in the dark unless forced to disclose!

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In the case of Tribeca, directors need to alert the shareholders that their franking credits are in grave danger because Chalmers has backdated his franking bill and Tribeca announced its share issue at the same time as its special dividend.
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https://www.theaustralian.com.au/business/first-victims-of-chalmers-stupid-franking-credit-plan-revealed/news-story/1922078e15691e25a1c1e3e251bcbef2

First victims of Chalmers’ stupid franking credit plan revealed

The boards of Myer, BHP, OZ Minerals and Tribeca Global Natural Resources become the first to face the obligations imposed on them to protect shareholders’ franking credits that are now endangered by Treasurer Jim Chalmers’ franking credits bill.

The different situations of each of the companies illustrates the mess the treasurer will create if his bill passes the parliament.

Treasury, appears to have crafted the complexity in the bill with the object of creating confusion and pain in franking credits as a first step to their eventual abolition.

There is a lot at stake.

I am not a lawyer but my reading of the seemingly endless provisions is that if directors follow clear dividend policies set out at the start of the year the franking in dividends that accord with that policy is probably safe. But franking in special dividends is very dangerous if the dividends are preceded or followed by share issues.

To protect the franking in special dividends directors would have to argue before the Australian Taxation Office that the share issue was separate from the dividend.

This might be difficult in complex corporations where the need for finances is created by many forces.

This is very stupid legislation.

in the national interest superannuation funds and leading companies need to tell the parliamentary inquiry into the bill that boards should have the flexibility to finance franked dividends with either debt or share issues and not be governed by complex and confusing rules that are interpreted by aggressive tax officials.

Myer this week announced a special dividend fully franked as a result of its big profit rise.

If it was to announce a share issue sometime this year those franking credits would be in jeopardy so directors need to consider protecting shareholders’ franking credits in the special dividend by making a statement that there is no present intention or requirement to have a share issue.

Myer along with other department stores has benefited from a dramatic swing by shoppers from “High Street” shops to large well known department stores. It started during the pandemic and has continued.

Myer has very little borrowing but has large property lease obligations. Its obligations to suppliers rose in line with sales but surprisingly stocks fell. Unless there is a change in the stock situation, the company should not require a share issue but it has lost its flexibility for an indeterminate time but probably most of 2023.

A clear statement would help restore its flexibility although there are no certainties because the proposed act gives the ATO incredibly wide powers to block franking credits in special dividends where there is a share issue.

Similarly BHP does not appear to require a share issue in the immediate future.

But in the OZ Minerals takeover deal, OZ declared a major special fully-franked dividend.

Had the takeover been on a share exchange basis it’s unlikely OZ Minerals shareholders would have received their franking credit.

They face the same risk if BHP makes a share issue.

It is the duty of Oz Minerals directors to require BHP to make a statement that there is no need or plan to have a share issue.

In the case of Tribeca, directors need to alert the shareholders that their franking credits are in grave danger because Chalmers has backdated his franking bill and Tribeca announced its share issue at the same time as its special dividend.

Finally I make a special plea to both retail and industry superannuation funds: I know you are embarrassed for not alerting the treasurer that your systems did not unable a limit on superannuation balances but in the national interest and in the interest of members you do need to alert the parliament that this is bad legislation which, in inflationary times, will be particularly hard on companies that have large stock holdings led by manufacturers.