if the company declared a dividend that would put a rocket up...

if the company declared a dividend that would put a rocket up any intentions from either party...They clearly eyeing up the substantial cash flows as well as franking credits, the moment they start to reward other shareholders with a divvy they'd be forced to show their hand IMO. I.e. if no one in the market is prepared to offer fair market value (let's assume 40c for arguments sake), then management really are compelled to do the next best thing for shareholders which is return capital...not sell below market value to a major shareholder(s) - Directors are legally obliged and required to act in the best interests of all shareholders. As we have seen lately on the ASX, funds aren't scared of ensuring obligations are followed by Board and Directors - Look at the lawsuits chasing Bellamy's etc...