Tassal Group Strategic Thoughts, page-280

One thing i havent fully worked out is franking credits, if we start paying franked dividends i expect it will raise the floor price by an equivalent amount, because the bottom seems to be set by dividend investors rather than expectations of growth.

(I probably dont understand franking properly as it relates to Tassal, as its complicated by SGARA and the special accounting rules for that, so take the following with grains of salt)

Currently we have a franking credit deficit of $2.96m, so we Net Profit Before Tax of $10m to get back to zero, so 30% of any profit beyond that $10m should be available to pass on as franking credits.

We had $40m NPBT in first half last year, so even if we only match that, we should have franking credits from three quarters of NPBT, so we could see partial franking credits.

Happy to be corrected if anyone feels confident they know how it works.