Don't forget that eventually we will have franking credits attached to the distributions.
DBI paid $20M in tax in the period to Dec 2021, after a tax loss of $13.3M for the previous year.
Initially I expect the dividends will have a small % franking. Not much but it will increase the grossed-up yield and the franking % should increase over time, as will the distribution amount itself.
Don't forget that eventually we will have franking credits...
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