Have a read of this thread...

Have a read of this thread https://hotcopper.com.au/threads/easy-money.2785327/#.WbRhMcZLc5Q
Figures for a price of $3.60 show a range of prices from 40c to 24c depending on your tax rate.

	Column 1	Column 2	Column 3	Column 4
0	ASSUMPTIONS	SALE OF SYR
1	Sale Price	$3.60
2	no shares held by CSE	11,000,005
3	no shares on issue	106,844,810
4
5
6	DISTRIBUTION
7	Sale proceeds	$39,600,018
8	less past losses	-$6,649,097
9	Taxable income	$32,950,921
10	Taxc at 30%	-$9,885,276.30
11	available for dist	$29,714,741.70
12
13	Distribution rate	100%	90%	85%
14	Amount per share	$0.28	$0.25	$0.24
15	Plus Franking credit	$0.12	$0.11	$0.10
16	Total income	$0.40	$0.36	$0.34
17
18	Tax Rate	After tax	After tax	After tax
19	0%	$0.40	$0.36	$0.34
20	10%	$0.36	$0.32	$0.30
21	15%	$0.34	$0.30	$0.29
22	30%	$0.28	$0.25	$0.24

Important thing to remember is advice from ATO re distribution of any franking credits which reads
i)dispose of the Syrah shares in the income tax year prior to the income tax year that it franks a dividend;
and
ii)return the proceeds as cash and not as an in-specie distribution.

Given that CSE management have repeatedly stated they see further value in SYR once it comes into production and the fact they did not dispose of shares in the $6+ range this may have some bearing on what is considered fair value.