yeh, time value of money and risk are important factors... but if you are on the top rate of tax - i would prefer to receive my gains via tax-free capital gains (for ACR) compared to taxable fully franked divs... assuming all else equal.
The flip side of course (and in the case of ACR) is such capitals gains could be capital losses if it all turns to crap and you can offset on this one!!... in that case i want my money now via divs!!! a case of 'return on capital' vs 'return of capital'!!!
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