The dividend amount has been static ... meaning we've been going backwards vs inflation but a wide margin.
The franking was cut from 100% to 60% ... meaning there has been a material cut of $0.013286 / share.
Add both together ... throw in share price collapse. It has been a very poor outcome. WAM.asx is not performing.
The franking cut was a way to 'hide' the dividend cut vs keeping it at 100% and reducing the actual dividend payment in line with what the underlying WAM.asx fund should be reflecting.
Most retirees wont have seen the franking cut until tax time and it may have even been lost in the wash for some. The attempt was to not have to say "sorry, we had to cut the dividend payment".
The franking cut also doesn't impact foreign investors. Again the domestic holders of WAM.asx took the hit.
Domestic holders have been played.
WAM Price at posting:
$1.63 Sentiment: Hold Disclosure: Held
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