notice out, page-49

Yes, Oze is right, but if you get the franking wrong when you come to reconcile at year end, there are penalties if you overfrank, so they would want to get it as accurate as possible and that may take time.

The main issue is getting the class ruling from the ATO. This is not about franking - this is what gives investors comfort that part of the distribution will be treated as a tax-free capital return. It is a public ruling that will be published on the ATO website and is legally binding on the ATO. It requires EXS to submit a ruling application with all the facts and then the ATO usually takes 3 months to consider it and issue the ruling. EXS will not be distribute anything until this ruling has been issued.