At least the Board took into account the value of the unused...

At least the Board took into account the value of the unused franking credits available for domestic shareholders as part of the transaction (paying out a fully franked special dividend of 9.4c/Share).

Still an opportunity to possibly make money out of this deal if you have a marginal tax rate less than the corporate tax rate (e.g. SMSF in accumulation or, even better, retirement phase) - as current SP reflects a position of the franking credits having no value to the marginal shareholder.