HGO Position, page-70

As usual the position on paying dividends is complex but well-explained here:

https://www.minterellison.com/articles/how-to-pay-a-dividend-in-australia-a-guide

As for ARA the receipt of a franked dividend would not be taxable (as they have substantial revenue losses) but would reduce those losses. At the same time  the balance in the franking account (which is only $51,000 at the moment) would increase. It's still guesswork but hopefully the 6cps reinvested would be returned from cashflow (and a bit more) even if all else fails. I admit it would give more confidence to such a transaction if the blue sky turned into at least a new orebody. The Brisbane presentation seems to suggest it will be January before the drilling results are released.