The more I think about it the more upset I am about the UMG...

The more I think about it the more upset I am about the UMG situation. $127m received in November. That's 56cps. GNC will point to the "net of tax" amount being $104m (46cps) but that's misleading. Thanks to the imputation credit system, the tax paid by GNC is on behalf of shareholders who would received that tax back should a franked dividend be paid. In the hands of a shareholder with super in pension mode, the full 56c of benefit would be received.

The oilseed crush expansion and the "transformation of internal systems" project would both have been budgeted well in advance of management knowing that GNC was to have its UMG stake purchased, so it can't have earmarked this money for capex.

They should pay the full amount of the UMG proceeds to shareholders for two reasons:

1. Its more valuable in the hands of shareholders as franking credits get released.

2. Keeping it in the company lends itself to having it disappear in capex overruns and executive remuneration.

56cps and it doesn't even rate a mention at the AGM or in FY24 projections .... ridiculous.