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  "documentTitle": "Rio Tinto (RIO)",
  "authorId": "24_Palliser_Capital",
  "authorName": "Palliser",
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  "presentationDate": "2024-12-01 00:00:00",
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  "notes": "The slide uses a visual flow to show the 'leakage' of value (franking credits) caused by the intercompany transfer mechanism.",
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      "kind": "callout",
      "text": "Rio Tinto's DLC structure has led to tens of billions of dollars in wasted franking credits since inception",
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      "text": "Flow diagram showing Ltd transferring DSM profit to Plc, resulting in lost franking credits",
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      "text": "Plc and Ltd are required to pay matching dividends to all Rio Tinto shareholders - requiring both companies to have adequate distributable profits. The NOSH vs. EBITDA imbalance of Rio's DLC structure requires Ltd to transfer distributable profits to Plc using a Dividend Share Mechanism (DSM) which results in significant losses of valuable franking credits",
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      "kind": "title",
      "text": "...Requiring Intercompany Transfers That Destroy Franking Credits...",
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