i think there is a few factors going on here. firstly as has...

i think there is a few factors going on here. firstly as has been stated the fully franked dividend grossed up is exactly $0.190. yesterdays share priced closed at $0.505 or more accurately the Volume weighted price for the day was $0.4936. take 19c away from that at you are 30-30.5c where the market is today.

Bear in mind the payout ($22m) with the franking credits is a large proportion of the overall market cap for this stock hence the large % movement in share price.

Should shareholders be happy? the volume weighted share price for the 10 days before the div announcement was $0.3294 so landing at 30-30.5c after qualifying for a grossed up div of 19c is good for the shareholders who were there already.

now to the question as to why you would buy into this stock over the last few days (26/4 to 4/5):
1. you are long term and see value + want the franked dividend
2. you want to turn a capital gain into a fully franked dividend - if you are sitting on gains in your share portfolio, you could buy VTG for the dividend (including holding for the 45day period) and then selling at the lower SP gets you a dividend as well as a capital loss to offset the gain in the portfolio all before 30june.

my final comment would be this stock is not for faint hearted. there is considerable uncertainty around transitioning from a telco retailer to health and beauty. add to that the pandemic and now interest rate rises to put some pressure on discretionary retail spending they have a challenge going forward. if they pull it off there is upside. if they attract a takeover bid there is upside. if they get stuck with a less than critical mass of locations they will need to take out cost and become a dividend only stock. Maxine has lots of skin in the game...what will her legacy be?