Ann: Westpac announces $3.5 billion off-market share buy-back, page-366

On yesterday's price of $22.69 and an assumed buy back discount of 14% your total profit is meager 32.5c. Even that requires you to wait for one year to get back the franking credit of more than 10 times the meager profit. So take a cashflow hit of $3.18 to earn a net return of 32.5c after one year.

Yesterday's Price 23.69
Buy Back Price 19.51 at 14% discount
Cashflow Hit 3.18 (compared to selling onmarket)

Capital Component 11.34
Dividend Component 8.17
Franking Credit 3.5

Net Return 0.325 (including franking credit)

I have ignored tax and brokerage as they vary depending on everyone's situation and broker.

Clearly offering shares at a 14% discount makes no sense but most investors are programmed to click max discount offer box based on their past experience with TLS, CBA and WOW.

Thing is if enough of us resist offering shares at full discount we can all get a decent return. I know its not easy to offer a combined resistance but I will certainly wait out for price improvement rather than making a small profit that does not even cover the brokerage to buy back let alone a reward for delayed gratification from franking credits.
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