Yes @raymon68 , Altium stated at the time of the agreement with Renesas that they (ALU) were allowed to make a dividend payment to offload all of their remaining franking credits and that the payment of that dividend would NOT detract from the A$68.50 offer price - this was back in Feb (15th) see here: Renesas-Altium-join-forces-15-Feb-2024.PDF

And: Renesas-to-Acquire-PCB-Design-Software-Leader-Altium-15-Feb-2024.PDF

ALU were trading at $51.26 (their closing share price the day before the announcement) and have traded within a few dollars of the $68.50 acquisition price ever since, so the offer was at a good premium to the prevailing price at the time.

As promised, Altium went ahead and paid a 30 cps div in late March - which was their highest ever - but it was only 13% franked because that's all the franking credits they had to distribute. Because most of their revenue is earned outside of Australia, they don't pay tax on much of it here in Australia so do not generate many franking credits as a proportion of their overall earnings. So Altium now have zero franking credits so there are none left to distribute. It is normal when overseas companies take over Australian companies for there to be a dividend (often a special dividend) to allow them to release franking credits, because those franking credits are of NO use to a foreign company that does not pay Australian tax. Normally the value of that dividend is deducted from the offer price. In this case, Renesas waived that and said that they would maintain the offer price despite the dividend (Altium's dividends have never been very high in dividend yield terms) and the franking credits were able to be released in full through the normal scheduled half year dividend that Altium declared with their results in February (for the half year ending December 31).

There is no "roll-over relief" in terms of ATO treatment of this for Australian shareholders of Altium because this is an all-cash offer, so it simply creates a capital gains tax (CGT) event where you have to pay tax for your capital gain. Altium shareholders won't be paid for their Altium shares until probably August due to the timetable I shared in my post, so the CGT event will occur in FY2025 and applicable CGT will be payable at the end of that financial year (so after June 30, 2025) and as usual can be offset with capital losses including any unused accumulated capital losses from prior years.

And yes, the 50% discount applies to CGT for any ALU shares that were held for 12 months or longer, calculated up until the time that the change of ownership of those shares occurs (August 2024 most likely), unless you are a trader. The 50% discount only applies to investors.

What should the Australian Shareholders Association (ASA) lobby for @raymon68 ?

P.S. You said the vote is on 12th June 2024. It's not. It's on 12th July, as per my earlier post.

I'm sad to see Altium leave the board.

While I never added it to my Strawman portfolio is was one of the first stocks I ever bought as I used their technology at university (buy what you know) and it was my second biggest position.

So while I've done very well personally out of this sale, it's not life changing money, and it's a company I wanted to hold forever basically.