my short answer would be yes. If they were distributing half of the profit for this FY they could pay the tax on that portion of the dividend. If for whatever reason they paid out a dividned of the cash they current have (like a special dividend for more then the profit from this FY) the tax would have already been paid on it.
They also have a massive tax loss offset which they havent worked out if they get to claim or not.
probably a question for an accountant, but they are paying tax so i dont see why they couldnt pay tax on a dividend to make it franked.
Stonehorse energy from a Deep Value perspective., page-44
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