Ann: Change of Business, Prospectus, EGM Notice, Share Buy-Back, page-25

I agree with you. I would much rather the franking credits and cash. Then I can, if I want, realise a tax loss on a share sale if I chose to as I reckon it wont trade above my cost.

However, my point is that don't bag Glennon for a direction the directors are proposing. I am not sure they make that much unless they perform...

I am also sure that the major shareholder has sufficient invested here to have given this move some thought. I am not able to access that understanding, however my response above has also given me insight to my emotional feelings - If the business was just left with the Electrical business which has been declining I would probably sell out.

Its certainly a hard decision in the cold light of day - it sits on the fence in my opinion.

The real issue is that the price is not sufficient incentive to get out yet the actions will probably introduce volatility in the share price and could lead to lower prices. The potential of having cash around has underpinned the value in my opinion. We all wanted it to be more productive yet when they propose to do that I become underwhelmed as it introduces risk into the equation.