Polar i dont think u will be the only one switching from WHC to...

Polar i dont think u will be the only one switching from WHC to TER. Cash is king and provided management pay a minimum 7.5 cps as previously stated, preferably fully franked subject to tax payment timings, i think TER has the right approach. on-market buy backs have limited and possible long term value but tax effective dividends are by far superior and remove the short term generational shareholder issues. If a company's franking account balance is large then off market buy backs were fantastic (i.e. opt in to recieve large fully franked divs and a capital loss via an ATO class ruling) however the ATO recently closed off the tax benefits of off market buy backs. Hence pay big divs and everyone is happy.