Ann: Capital Management Update, page-15

I agree with that - the company is looking for a tax ruling and I suspect it will be just that - a cost base adjustment meaning that holders will not pay the tax until the shares are sold. In most other cases where I have had similar deployments of capital back to holders that has been the ATO outcome. I also agree with the poster who feels that large amounts of excess cash sitting in the companies coffers often puts a lot of pressure on Boards to make hasty decisions to deploy it to the detriment of holders. If the Board currently sees no medium term deployment opportunities and the current cash position is healthy then the return seems a reasonable decision IMO. It also tends to indicate that the Board are happy with the companies future prospects.