"If I were a holder, I'd much prefer a fully franked dividend......

"If I were a holder, I'd much prefer a fully franked dividend... Or a return of capital."

As discussed in my earlier post, I think that buying back shares now is not so much intended to move the share price by weight of money, but rather, it is a way of signalling to the market.
It is saying to the naysayers and short sellers who take advantage of the relatively low liquidity of PME, you have had your fun, now piss off.

Given the subsequent performance of PME, the money that was expended on the past buy-backs, little though it was, was money well invested for the benefit of shareholders.

I am not sure what you were getting at with the mention of "$3m" but the $0.30 special dividend that you have suggested would cost $31m, not $3m, if that is what you meant.
Based on PME's past forays buying back shares, I don't think that PME expect to spend that much money, rather it is case of drawing a line in the sand.
Time will tell whether management's call is correct this time, but so far, they have got it right on both previous occasions.

Cheers