Morningstar didn't say the div was limited to retained earnings. What they said was:
We believe the special dividend can be franked up to the company’s retained earnings balance, which will equal the AUD 34.4 million (around AUD 0.13 per share) at the end of fiscal 2017, plus any earnings accumulated since the balance date, net of fiscal 2016 dividends paid, although the final decision rests with the ATO.
Ann: PRG Board recommends acquisition proposal from PERSOL, page-59
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