Voting intention enquiry, page-6

"Franking Credits attached to special dividend take the effective value just above the $9.15."

Thanks for the reply, but I now feel like the Irishman who was shown a row of shovels and told to take his pick. Confused.
I cannot reconcile the numbers in the offer booklet with your effective value figure of $9.15.

As I understand it, the cash consideration, at current exchange rates, is circa A$8.81 as stated in the booklet.
The company will probably elect to pay a special dividend of $0.39, but that will be deducted from the cash consideration, in which cash the total cash consideration is still $8.81.
Franking credits of circa $0.167 will attach to the dividend.
However, $8.81 plus 0.167 only adds up to $8.977.
Your estimate of the total effective value of the offer of $9.15 makes better sense of the current market price, but I cannot see how you are getting to that figure.

I expect that I must be being particularly obtuse but what am I missing?

Cheers