SDG is in the process of completing its residential property development projects, selling its assets and returning the net proceeds to shareholders. It updated the market on this on 30 September 2022, indicating that it expected that:

• the projects would be completed and all material assets sold by 30 June 2023;
• there would be further distributions totalling $2.21 per share consisting of $1.31 in dividends (franked to the extent possible) and $0.90 in capital;
• a fully franked dividend of about $0.60 per share would be declared around mid-November 2022;
• further distributions would be made quarterly.

SDG had about $0.67 per share in franking credits on 30 June 2022. It has since paid out about $0.19 of these (in connection with dividends totalling $0.45) so there should be at least about $0.48 per share remaining. Further franking credits may be generated in the course of SDG completing its projects and selling assets.

In any case, holders of SDG can expect to receive a total of at least $2.69 in dividends, franking credits and capital over the next 10-12 months. The precise value to them will, of course, depend on their individual tax positions.

SDG embarked on the process of returning its net assets to shareholders in October 2020. At that time, these were worth about $2.56. It has since paid out $1.17 in fully franked dividends.