Ann: $81.6 million Blackspur Sale Settled, page-14

Whether you sell at now or take a payout unfranked it is still subject to tax at your marginal rate. But if you read the ann it talks about a Return of Captial, not a dividend. Regardless, for 90% of us there is no real profit and will be no tax burden. Thats why it's trading at 12.5c because it's worth at least 12.6c plus residual value (whatever that is). A small profit margin maybe, but if you have 42m shares (and climbing) it is worth a bit.