I got the gist of that, that’s why I mentioned the DRP, but company's can still issue BSP without being annotated as franked.
in a DIvidend Reinvestment Plan where the shareholder has a choice of substituting their franked dividend for a share. That isn’t a bonus share but a purchase of a share?
Would there be any benefit or protection of the total value - the grossed up value of a franked div for non tax payers - if a company switched from paying dividends and issued of bonus shares instead?
