With the fully franked dividend you need to pay the difference...

With the fully franked dividend you need to pay the difference between your marginal tax rate and the 25% franking rate applied. If they paid the dividend before March that would have been 27.5%.

Unfranked Div is a terrible scenario for me. I reckon they will get the return of capital up (in the main at least) as long as they paid out all retained earnings with the dividend (which I believe it was designed to do).

I would much prefer the capital return, which reduces the cost base of the shares. You are right that CGT losses only offset capital gains.

Sort of made all that ATO stuff the former board went on about look a bit suspect.

Cheers