Well, that is how I've made money over the last 25+ years....

Well, that is how I've made money over the last 25+ years. Invest in companies that pay a decent fully franked dividend, chuck them in the bottom drawer and let them tick over. I honestly think fully franked dividends are one of the last cheat codes for tax minimisation investing in Australia, (if not the world). Reinvest the dividends and keep compounding. Also keep some cash on hand to really, 'buy the blood,' when the stock market crashes every x number of years. AX1 for me is producing a 17.5% grossed up return on the cash I originally invested, (as I bought most of my holding during covid crash, then a few more on the way up).

Bi-annual fully franked dividend payments may not be the fastest pathway to growth, but if you time it right then the returns can be excellent.

I put my money where my mouth is and bought another 100k shares an hour ago. I think this Sports Direct venture will be a net gain. Frasers have invested $60m to help set up, (at $1.70 odd a share). Now own just under 20%, (so could be a takeover down the track), and their sales royalty payments will be around the $4m mark a year, (around $100m over 25 years). AX1 are projected to make $110m EBIT this year, so that won't cut too deep, plus as the Sports Direct sales ramp up EBIT should increase. If you have a 5 year plus mindset for this share the reduction in dividends over the next few years is just a bit of background noise.