Absolutely correct. 28c is a fully-franked dividend (12c franking credit) and the remaining 10c is a tax-free share capital return. Just look at the last quarterly and other announcements. The dividend will be declared as soon as the tax ruling is granted by the ATO in the next few weeks.
Cash backing is currently 66c (230m) and share price is 62.5c (218m market cap). They have no debt.
One of the JPM offshore funds has been selling as they can't benefit from the franked dividend, hence why they haven't taken off and hence the opportunity. They have lodged a substantial shareholder notice recently, which may indicate they have stopped selling but it isn't clear.
They are a gold producer, receive copper royalties and have a host of other exploration assets in the Cloncurry.
I don't need to ramp it. It speaks for itself. Just take a look at it's last quarterly to confirm all of this.
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