Capital losses can only be used to offset capital gains, not ordinary income, so whether you generate a net cash flow from the dividend will depend on your taxable income. If you earn a low enough income to see the low income tax offset reduce your tax payable to nil then yes you can consider the dividend and FC as free cash flow.
See my earlier post as i've outlined the difference between a high and low income earner receiving FCs, including calculations.
The question of whether it's worth it or not will largely depend on whether the post dividend sp fall is commensurate with the value of the dividend, less, or more. The market is not kind atm but it's usually a safe bet that it won't trade lower than just above cash backing. Others have already calculated what that might be so i'll say no more.
WPG Price at posting:
$1.15 Sentiment: None Disclosure: Not Held