Ann: Court Approves Scheme Booklet & Meeting, page-13

I was having a think about this myself today. Notwithstanding the approvals process that still needs to play out - and remains a clear risk with FIRB to come, and shareholder vote too, even though I think Jan Cameron has sold down a bit? - there is potentially a bit more than 3% dependent on one's personal financial circumstances.

Not intended as advice, but my own musings were:
• there is the 3% as far as the upside to the $13.25 (scheme+dividend price)
• for those who benefit from franking credits, there is another 25 cents exposure
• for those buying in at these levels, as opposed to holding from an earlier price, they may be banking on a final ruling from the ATO with regards to claiming a capital loss relative the scheme price of $12.65 (25 cents capital loss exposure)

Mind you, only certain individuals would derive the 'full' benefit from franking credits and capital losses, but, I guess some people may be able to leverage accordingly. Anyways, just thinking out loud, others should consult their accountant.