I would prefer they spent the money on something with a good...

I would prefer they spent the money on something with a good return / or not sell as big a stake in Scarborough. When you are on the top tax rate you are still left with a decent tax bill, and as I actually set aside money regularly to invest, the dividends I'd reinvest elsewhere anyway.

If I'm paid $1 fully franked, I've had 30c of tax paid, (so $1.3x0.55 means I'm left with 71c after tax. If WPL reinvest for growth / share price appreciation, well that's $1 reinvested. Especially when there is line of sight to getting the franking credits down the track, either due to fortign production, I don't gain any benefit from having it paid out early.