Thoughts? I can't understand the capital management initiatives....

Thoughts?
I can't understand the capital management initiatives. What is stopping them from paying dividends eventhough they are going to commence share buyback? Insufficient franking credits is not a strong reason, dividend is still dividend whether or not there are franking credits in it.
Further to that, with share buyback, there is "auto" creeping of Besix shareholding. Besix should be buying on their own if they want to own shares in WTP, not WTP buying for them!