"franking credits in a buy-back scenario"
WBC just completed one of these. They offered to buyback shares with approx 50% cash and 50% franked credits. So some shareholders get the lion's share of the credits but WPL could buyback shares with less cash.
Not sure why this would suit WPL though. If you have sufficient cash, it seems more equitable to pay special dividends, and WPL will have sufficient cash.
WPL@$30, page-5077
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