Another Misunderstood Spin-Off, page-50

"If it is true that CYB will never pay a fully franked dividend, this might cap the SP in the long term.
Looks undervalued and more capital gains to come. For this stock to really get going fully franked dividends will be the important driver."

@stackey100

So you think the marginal buyer of this 2 billion pound regional UK bank - that conducts zero business, and has no representation, in the Antipodes, but that happens to have a listing there for no other reason than legacy - are some mum 'n dad investors who are after a bit of tax-effective income?

Instead, you don't think the marginal buyers are some or other European institutional investors or some global investors with mid-cap mandates? None of whom could care a tinker's cuss about tax credits available from the Australian Tax Office.

Who do you think has been buying the stock from under $4.00 to over $5.00 in recent weeks? Bruce and Sheila from Wagga?