Ann: Westpac announces $3.5 billion off-market share buy-back, page-685

now the EMA short-term golden cross has formed, for the SMF super fund, it will be an opportunity to push the price as higher as possible so they will get more frank dividends from the buyback + more frank credit, which will make the buyback more attractive. Because the capital component of the buyback is $11.34, an sp at the current level with 10% discount price, the buyback has no advantage for selling directly on the market, but if not enough participants in the buyback, WBC will have a problem on the $4b cash. Therefore, IMO, WBC will be into some sort of arrangement with big bankers to push the sp to $23~$25 to attract funds to take up the buyback.