When will the dividends run out?, page-8

Bacci

I'm no tax expert, and if you know better shoot me down, but I think you'll find that's exactly what Karl and all other fund managers do. When the post tax NTA is greater than the pre tax that normally indicates that the value of realised and unrealised tax losses exceeds any tax payable on realised or unrealised profits. The post tax NTA of CDM is over 15% greater than the pre tax. Losses on ARQ are all unrealised as yet and I assume that franked dividends can continue to be paid from franking credits received from investment income or realised capital gains.