Completely agree with all of that. I know that recently the special dividend has been as you described (just a distribution of franking credits). But I don't think, looking back at the last couple of decades, that that has always been the case. Has it? Perhaps I need to re-check.
With regards to your comments about a business that is able to generate 20% ROE retaining more of its earnings. yes I agree (ONT's high payout ratio comes to mind). But remember. ARB (unlike ONT) already has a fairly low default payout ratio. A high ROE will only be sustained if management are opportunistic and selective with their capital allocation. I think a low payout ratio policy (as the default position) complemented by discretionary special dividends, is a good combination.
Completely agree with all of that. I know that recently the...
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