CSL have stated that if any funds are left after the 12 months...

CSL have stated that if any funds are left after the 12 months then they will return them to share holders. They will not give a special dividend in August as they may need that 300 mil for the buyback.

As a holder I hope they return nothing in 12 months time because that means the share price has risen enough that the buyback chews up that extra 300 mil!

Remember, todays rise alone has already chewed up 81 million of those dollars based on the price is now $1.49 above the $29 quoted multiply that by approx 55 million shares they plan to buy back and you get $81 million. So if they do have 300 million left then an average buy price by them of around $34.50 will use all the extra money up.

Capital raising they issues 51.5 million shares at $36.75, buying back 54.8 million so all up purchasing 3.3 million shares more than were issued. They may have some extra cash from foreign currency gains.