I think there is a mishmash of thoughts there for the OP...The...

I think there is a mishmash of thoughts there for the OP...

The tax on the sale of an asset is payable by CFE and is not passed onto the shareholders whatsoever.

A capital return is paid from their cash reserves and has nothing to do with the sale - so you can't say "get your tax associated with the sale from our shareholders when they sell their shares".

You may be mixing this up with shareholders' personal tax situation where their tax implications is essentially deferred till disposal of the shares under the capital return vs a tax on dividend that has to be paid in associated year.

So essentially a franked dividend and capital return are both after tax for CFE.