As per the ATO rule though I'm not sure funds would see any benefit otherwise but we do know that Trevor and his sons are getting older and probably would retire or move on either way. In this case they'll take Shell's offer at the least but quite a high likelihood of Alinta countering it:
"To be eligible for a tax offset for the franking credit you are required to hold the shares 'at risk' for at least 45 days (90 days for preference shares and not counting the day of acquisition or disposal). The holding period rule only needs to be satisfied once for each purchase of shares." - ATO Website
