Thank you for the details but I disagree with you on distributing unfranked dividends. It only makes sense for shareholders who do not pay tax on the dividends such as retirees and investors who negatively gear. Perhaps the MD is in the latter category while Stephen Roche is in the former, so paying out unfranked dividends is in the interest of the two largest shareholders, but not most minority shareholders. In fact, the unfranked dividends should have been used to help fund the "no win no fee" cases including the Ethicon Mesh class action. Paying out unfranked dividends while borrowing at usurious rates does not serve shareholders nor clients. This is the greatest failing of the management and the board.
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