Liberty is a 'stapled security' so it's basically two entities 'stapled' together - a Company and a Trust. When you buy a security, you get one share in the Company and one Unit in the Trust which are stapled together.
The trust is treated as a 'flow through' trust for income tax purposes and hence not liable for any income tax. As there is no tax paid, there are no franking credits available.
At the moment the dividend/distribution is only being made from the Trust which is why it's unfranked. Liberty has stated if the distribution policy changes to include dividends paid from earnings of the Company, that these dividends are expected to be franked.
I don't believe there is a need to be cautious around the unfranked dividends, but I'm not an expert on these types of things.
LFG Price at posting:
$5.84 Sentiment: Buy Disclosure: Not Held
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