Do not subscribe to that idea -just prior to when PRG took over SKE a fully franked divvy was paid by SKE which virtually used all franking credits (and they had nil retained earnings if i remember correctly).
I understand that in a T/O situation that the payment can exceed retained earnings - PRG have access to cash via debt arrangements prior to final sale & cash receipt from PERSOL.
The grey area IMO is conversion of performance shares & adjustment to franking account from trading period post 30/3/2017 till 30 June?
Personally figuring on a special divvy of around 50-60 cents FF.
GLTH
Special divvy, page-4
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