Ann: Share Buy Back , page-15

senoj... it also makes your shares worth about 10% more, as there is 10% less shares to "share" in the value of the company.

Also I don't think they can pay a special dividend fully franked until they have actually paid the tax to the ATO, and thus have the franking credits in their franking account. Franking accounts are calculated on a "cash" basis rather than accruals. So even though tax will paid in respect of the 2009 year... the franking account will only be credited when tax is actually paid, which will most likely be in the 2010 financial year.

This is the best option to deliver immediate value to shareholders in my view.