Ann: Appendix 4D and Half-Year Report, page-65

Thanks Lost.

There quite a few variations.

I personally hold shares in a SMSF but I’m in pension mode so I pay no tax and franking credits are refunded but I don’t get the 15% refunded from USA.

I also hold shares in a personal account and franking credits get added to my overall income and tax is paid on total of dividends plus franking. In the case of GQG lm of the belief only the net income is added to my overall taxable income and the US tax paid doesn’t come into consideration when determining whether I pay tax or receive a tax return.

So with your calculations and the ones applicable to me the valuation can change quite a bit on different circumstances. I guess there is also a different valuation for instos and also large Super funds where franking credits are pooled.

Cheers Greg.