Ann: Bonus Issue of Shares, page-29

Not going to be a very popular post but my thoughts are that management who hold most of the shares do not want to receive the "dividend" as they will have to pay tax on it as it won't be fully franked. It says it in their market release that they did not get what they wanted from the ATO ruling. So since they would be receiving large sums and therefore large tax bills they have pulled the "dividend" for a meaningless bonus that benefits no one. As previous posted have alluded to it will be a zero sum gain to all holders except you will feel like it is a bonus that is not a bonus.