no franking credits.the cash component is just a payment of...

no franking credits.
the cash component is just a payment of cash.
franking credits only apply if the payment is by way of a dividend, such dividend must be paid from profits.
The franking credits would be attached to the dividend dependent upon the amount of tax paid on those profits previously by AOE.
So no franking credits on the $2.70 cash component.
Importantly, AOE/PES are looking to the ATO to get a rul;ing that there will be rollover relief on the AOE scrip consideration. That is, if you purchased the PES shares as an investment (ie not to trade) then you can roll-over the scrip component of the consideration, and you will only pay capita; gains tax when you sell the AOE scrip you receive.
cheers