Franking Credits 23c per share, page-8

Thanks, @Arachne,

I was still operating under outdated knowledge that dividends could only be paid out of current and retained earnings.

Seems like SFH therefore does have the ability to pay out a special dividend to expunge the surplus franking credits, as part of the acquisition consideration.

To get a feel for the maximum size that such a dividend might be, Net Assets of $56m (as you quoted) equates to around 28cps. And, given the seasonality in the business, December balance date Net Assets tend to be between $8m and $10m higher than June Net Assets - so, an extra 4 or 5 cps.

This assumes that the quantum of any dividend would be equal to the full value of Net Assets (which is unlikely to be the case, but the exercise does provide some idea of the maximum possible dividend).