I am not sure the ATO tax ruling is holding things up. It isn't...

I am not sure the ATO tax ruling is holding things up. It isn't that controversial - the dividend as part of the off market buyback is being paid out of retained profits.

Directors needs to justify the buyout amount to shareholders.This will take some doing based on recent results.

Imagine if you own 20% of of a company worth $1.50 a share in 12 months time but you can buyback half the stock at 88c now...

The share price now is beginning to exceed the value of the buyback to super funds which most benefited from the arrangement at 88c.