because according to Morningstar they can't just pay a dividend that uses up all the franking credits - the ATO will not allow it. You can distribute more than current earnings, but presumably not more than retained + current and still attach a franking credit to it. So the issue is not how much is in the franking account, but how much of it the ATO will let them use.
Ann: PRG Board recommends acquisition proposal from PERSOL, page-49
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