The way it works I think is that their cost base should be zero going forward and they make a capital gain equal to the difference between the 10c and their acquisition cost per share.
I hear what you are saying, but I am just surprised that the weight of selling from 10 baggers and o/s holders is greater than the weight of buying from funds wanting the franking credit and those wanting a piece of the company.
special dividend 28c + cap return 10c, page-87
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