the share price might drop by the same amount, but you will also...

the share price might drop by the same amount, but you will also get the franking credit, hence why it is attractive to super, pension funds and charities.

the critical dates as announced are:
shares trade ‘ex’ 28 November 2011
Record Date 2 December 2011
capital return & div payment 9 December 2011

as lionel as noted today, there is about another 2c in the franking account providing the possibility of a further div later this financial yr

additionally if they sell mt. colin for $25m + that would be another bonus