The Board of AROWANA Contrarian Value Fund noted that it may seek to pay special fully franked dividends. The timing for payment of a special dividend was influenced by the potential changes to the franking credit regime being discussed in the lead up to the 2019 federal election. The company presently has the capacity to pay up to 19 cents of fully franked dividends, based on its current franking balance. The board expects to pay a final and special dividend in respect of the financial year ending 30 June 2019 and it intends to crystallise value of the remaining franking credits for shareholders in the period up to 31 December 2019, subject to the company having sufficient profits and retained earnings.