At an ABSOLUTE MINIMUM, MLD should pay a fully-franked dividend...

At an ABSOLUTE MINIMUM, MLD should pay a fully-franked dividend of 2.5cps. This would equate to a total offer price of:

Dividend: 2.5c
Franking Credit: 1.07c
Thiess acqusition price (less dividend): $1.05
TOTAL = $1.087

What they really should do is to pay a dividend at a level that would return ALL franking credits to shareholders. This is $57m or approx 16cps.

If management did this, the total received by shareholders would be:

Dividend: 37c
Franking Credit: 16c
Thiess acquistion price (less dividend): 70.5c
TOTAL = $1.235.

Shareholders should be relentlessly calling MLD management to demand that it does this. Its the absolute least management can do after accepting what is a weak offer.