YAL valuation and potential final dividend, page-25

The situation is similar to WHC's recent full year dividend, which was fully franked, after having extinguished all their tax losses.

From memory i recall the CFO saying in an analyst call, that franked dividends could be paid to shareholders, based on the accumulation of a tax liability to the ATO, even if the cash payments hadn't yet occurred at the time of the dividend.

On this basis i would assume that the YAL full year dividend will be franked, at least to some extent. But of course, i am not an expert on tax law, so please don't assume this to be definitely the case.