I think they should maximise the dividend payout as much as...

I think they should maximise the dividend payout as much as possible not only to use the franking credits but it is probably the only way to generate a return for shareholders.

The reality is that the share price has gone nowhere in the last 2 years despite the company moving from near bankruptcy to solvency and the PHES moving from pipe dream to a signed deal of $31m. Even in the last month of so we have had the quarterly announcement of a $20m improvement in net current assets plus the PHES of $31m so $51m total in positive news (ie equal to our market cap) and yet no bump in share price. Outside of the PHES and current assets the rest of the company is getting valued at zero! The market seems to deeply discount (to almost zero) future plans and projections from HGO - the only thing that will be respected is cold, hard cash.

I suspect (hope?) that any dividend paid plus the residual share price would be higher than the current price. Maybe paying a dividend / capital return would also attract more attention to the remaining assets of the company and cause a rerate.