The FC can be delivered to shareholders via dividends or buy...

The FC can be delivered to shareholders via dividends or buy backs. I think though given the short to medium term focus on using cash flow to grow cash for acquisition, any dividend would be at best 18-24 months away.

as for franking Credits under TO scenario, there is the possibility a TO to be structured where PRT shareholder Receives script plus a special FF distribution, which would make any deal more attractive to PRT shareholders , specially if they are held in super or pension

As to whether any acquirer could make use of Franking credits , I am not sure.

Despite the tough environment I really think that by June 21 cash will be 40m. Given the market still only values the company at 49m, one can see how the SP has to rerate unless one assumes it will only have an enterprise value of 9m. How can cash flow be any less than 20-25 m given 4.7m ping , 2m job keeper, 1 m management salary reductions, and 4.5 licence fee waiver . 22-23 m cash flow is a shoe in given likelihood of early election and Olympics , both high ad revenue events .

This is why it continues to be a comfortable low risk medium term hold for me . I think it’s a comfortable 25% -30% from here with low risk . It may not sound like much , but if one can extract that return on a portfolio over 12 months , they are doing very well