Ann: Intention to Make Takeover Bid, page-96

"That $49 million divides to $1.68 per issued share and I believe is not included in Net Tangible Assets."


Rightly so.
Franking credits can best be described as contingent assets


"Someone correct me if I am wrong, but I believe unused franking credits accumulate when a company pays tax on profits each year, but can only attach credits to dividends paid.
Can someone help with advice on how these unused credits can be reclaimed in the future?"

Only as tax credits in association with dividends declared and paid.

Trouble is, despite TRS having:

1. $15m in net cash (which probably closer to $25m in a few weeks' time)
2. almost $100m (equivalent to $3.30/share) in Retained Earnings,
3. $49m ($1.68/share) franking credit balance,

there is a limit to how much of this can actually be distributed to shareholders without increasing the financial risks of the business given the company's significant lease liability commitments.

Given the acute operating leverage in this sort of business, it should always be financed without any borrowings I think, as a matter of fiscal prudence.

Therefore, the largest dividend that could be paid in respect of the current financial year - if that is what is behind your questions - is probably around $15m (52cps, which, based on likely EPS for FY2019 of between 35cps and 40cps, equates to a payout ratio of around 140%) .