Hi Bullorbear, When I read this I took the wording literally:...

Hi Bullorbear,

When I read this I took the wording literally:
"SYDNEY--Telstra Corp. (TLS.AU) plans to return at least 1.5 billion Australian dollars (US$1.1 billion) to shareholders, using the proceeds of its sale of Autohome Inc. shares.
Telstra said Monday it plans to start a capital management program in the first half of the 2017 financial year, and will provide details at its full-year results presentation on Aug. 11. The return of capital would be in addition to Telstra's ordinary dividend.
Telstra said in April it would sell a 47.7% stake in Autohome to Ping An Insurance Group for US$1.6 billion.
"I am pleased that we are able to confirm such a significant capital management program as the result of active management of our investment portfolio," Chief Executive Officer Andy Penn said on Monday. "Importantly, we also maintain sufficient capacity to invest in our growth plans for the future.""

In particular the words" ……. in addition to Telstra's ordinary dividend". But maybe I read too much into it. That phrase to me clearly infers another type of dividend (e.g. special) in addition to the ordinary dividend. If its a share buyback why would that be at all related to the normal dividend. Perhaps I am assuming to much.

The 12.5c was not mentioned anywhere. I calculated that. $1.5b to return to shareholders (12billion shares) is 12.5c/share. They are my calculations only.

I do not know about franking credits held.

My apologies if I have got this wrong. But when I read the above release it just automatically came to mind that it would be a special dividend. Cheers