MNY had $25 million in franking credits at 30 June 2017. Using...

MNY had $25 million in franking credits at 30 June 2017. Using the proceeds of the sale of the small credits operation to return capital with a franking credit would use only some of the surplus franking credits (assuming it is probably worth $40 million or so given its PBIT is running at $10 million pa). Franking credits are worth nothing to the company, but something to shareholders so it will be interesting to see what they propose.