It's probably too more in the future to think about now but when...

It's probably too more in the future to think about now but when the profits do come in from Manora, TAP will be able to pay franked dividends even though the profits are foreign earned. This will be possible because of the large store of frankings that have been built up - page 72 of 2010 annual report shows $60m franking account balance. Other possibility might be a share buy back. Either way, there is some considerable value in these credits which is mostly overlooked. At some stage the value will be realised.