exco recommend revised sol takeover offer ..., page-35

"EXS have 2c in the franking account. They cannot pay a fully franked dividend with their current cash levels. "

I am glad that you posted that fact.

Any talk of returning cash to shareholders in the form of a decent dividend is just fanciful, and definitely not in the best interest of holders.

Most holders have held their stock longer than a year, so any profit is only partially taxable, whereas an unfranked dividend (which it would have to be) is fully assessable.