shania,LRF trust structure means that profits are untaxed as...

shania,

LRF trust structure means that profits are untaxed as long as all profits are paid out to LRF holders. For this reason distributions can only be determined after end of year reporting and they have 0 franking. Note that the currently declared dividend is only an estimated distribution as the formal annual accounting has not been completed.

(For this reason I was able to estimate the latest dividend before the announcement. Even so, it seemed to take the market by surprise.)