Wow, these are serious volumes being traded in RHG. Almost 142 million shares have changed hands since the company announced a fully franked $0.79 dividend on 28 April.
The efficient market is hard at work transferring the RHG's shares from those on high tax rates who prefer discounted capital gains (such as myself and John Kinghorn) to those who value the franking credits (mostly super funds in pension mode). By the time the ex-date arrives on Friday, half the register will have changed.
I doubt the tax office feels the same, but from my angle it's impressive stuff.
It will be interesting to see where the stock starts trading on Friday – and even more interesting to see whether John Kinghorn buys back in.
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