Ann: Quarterly Report - June 2018, page-119

Thesi - as always love your thinking..

why ?  a) CSL has been doing this for at least 4 years
.. they have gone from $ 60 to $ 200 on continous buy back.
b) a nominal dividend would make difference... FMG, RIO and BHP do this at around 1% of earnings.
a GXY 0.1% dividend would attract interest from both big and little investors.  (Hypotheisis ... Does  shortman see the dividend paying stocks are less likely to be shorted ? )

dividend also allows residential aust to claim being an investor ( 50% CGD)  versus being a trader ( No Discount).

https://www.ato.gov.au/General/Capi...ng-as-investor-or-share-trading-as-business-/