Ann: Update - Notification of buy-back - WHC, page-19

That's not the way to think about it. Every shareholders on the register is likely to have different financial needs, tax rates, income requirements, overseas holder, domestic etc. What's the best way to create the most amount of value for the most amount of shareholders without needing to consider individual circumstances?

I understand some don't pay tax and get a franking credit refund, but you don't get that when WHC pays you the dividend. You get it in August of the following year. That's not overly efficient and does not necessarily help the rest of the Whitehaven share holder base. There is no guarantee you invest that money back into Whitehaven.

Whc management have inside information on the business and more knowledge of the underlying commodities markets, you could therefore argue they are more capable of making efficient capital allocation decisions with respect to WHC.

I'm not convinced dividends are the best use of capital in the long run, so a combination of a dividend (which was healthy relatively speaking) and a BB is still my preference.