with regards to the franking credits I can see 2 ways it can play out: in the event of a take over, the company would distribute the cash on hand as special dividend with the franking credits attached. Alternatively, they could start issuing regular dividends or once off special dividends once the $ required for the 2 phase 3 trials are confirmed particularly after the key milestone payments such as USD $50m for North America hitting $500m or Europe first sale USD $33m.
with regards to the franking credits I can see 2 ways it can...
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