HGO Position, page-47

HI HIO

I believe the franking credit account is sitting at a whopping Twenty One  Million Four Hundred Thousand dollars.

Any proceeds from the PHES will be fully taxed unless there is an  asset like some land which has a cost base included in the sale.

Doesn't matter whether it's a lump sum on the capital account or royalties on the revenue account it will be taxed at the company tax rate.

Don't forget that the current Share price is a cautious reflection of the value coming out of the giant Pit

Anything that the PHES or Future Underground Mining delivers should be reflected in the SP.

If the PHES delivers then any  buy back would have to be north of 8.7 cents to be successful.

Its not possible to mix franked distributions with capital in a buy back. Franked distributions have to be paid to all shareholders.

The company could have a special dividend coupled with a compensating share consolidation if that's what you are seeking To achieve.