Ann: March 2023 Investment Update, page-16

" because I don't expect continued full franking on foreign assets "

I don't think that's necessarily true.
MFF and PGF, 2 other well known global LICs, both pay full franked and growing dividends.
it depends on how the portfolio is run.

In order to pay fully franked dividends, a LIC must satisfy two tests.

Firstly, it must generate profits in a specific tax-paying period or alternatively to have profit reserves, to cover the dividend.

Secondly, it must pay sufficient tax from realising net capital gains.

It is impossible to guarantee having profits in a particular tax-paying period. However, some LICs have accumulated large profit reserves, enabling them to satisfy the first test over many years to come.

Obviously LICs cannot be guaranteed to satisfy the second test, but for fund managers who generally hold their positions over multiple years and invest in liquid stocks (that make it easy to recognise capital gains by trading in-and-out of) this should be relatively straightforward to achieve.