SA James, if we hang around until the end, we get franking...

SA James, if we hang around until the end, we get franking credits on the 16c dividend. MCC tried to negotiate a larger dividend- about 1 buck, which the suitor refused. If we do get that, I'd imagine it too, would be fully franked. The rest, as oberte has said, is capital gain.

If one "traded up" in a takeover to a new company, no CGT is paid until new shares sold, but a cash offer is a capital gain.