There is a better arbitrage opportunity than the 7.7% clip...

There is a better arbitrage opportunity than the 7.7% clip between 35c capital reduction offer and 32.5c current price.
For anyone with no reportable income, there is a substantial opportunity based on the format of the offer. With the tax-free threshold now at $18k, a young person with zero or near-zero incomes could buy say 100,000 shares at the current offer for $32,500 (in-fact, if they are CERTAIN to have no other income, about 129,500 shares is the perfect number to maximise the return).
For their efforts, they would receive $13,880 in unfranked dividend income and $21,120 in capital return. With the TFT at $18k, no tax would be payable on the income and the person would carry-forward an $11,380 capital-loss, which assuming they are in the 37% tax bracket at the time they utilise it could be worth something like $4,200. At those numbers, the person transacting this would effectively generate about triple the 7.7% arbitrage return available to the ordinary tax-payer... There are borrowing costs etc to consider, plus the risk of the deal falling over, so naturally external factors can change the outcome, but you see the concept.
I am a CPA, but do not work as a Tax Accountant, so naturally seek & take suitable professional advice, but I'm pretty sure the foregoing is correct - Eternalgrowth