Ann: Westpac announces $3.5 billion off-market share buy-back, page-556

Am I playing this right? I bought three tranches up to the dividend/buy back date after that crazy 10% plunge. The idea is 'whatever' the price is on buyback day, me paying NIL tax, will end up with an 8% profit: 4 on the franking and 4 on the share price (assuming 4% less shares = 4% higher price).

Now since the share is currently such a bargain (famous last words) I will want to replace the shares I sell back with actual shares to hold long term. Now I can be calm and simply buy on market near the buy back date, so whatever the share price I get at buy back, I buy back on market. But being a bit of a gambler, I decided today, on close, to buy, on market, one of my tranches.

Where this all comes unstuck is if the share price does not recover at all, I have simply overpaid pre dividend date. It makes no sense to lose 15% to gain 8%. But it kind of feels like that may occur. My no brainer use of my cash on hand, on WBC, seems to have been a no brain. How interesting!