Ann: Dividend/Distribution - BSE, page-23

"The cat is out of the bag, and a low share price with large amounts of cash sitting on the balance sheet is offering a tempting morsel to some large global player wanting to secure future supply. As has been said before. There is no better deterent to a takover than a high share price."

That's my read, Tolliara funding gap only getting bigger against previous logic. Increase the share price and reduce the attractiveness of an undervalued company siting on huge cash pile. Given the top 4 holders own approx 70% of SOI from memory, if this action by the board is defensive they are defending against an leveraged buy-out from some/all of those major holders. Leveraged only until the TO was done, then they could pay down the TO debt with a portion of BSE cash in the bank and end up owning all BSE but paid for with BSE's money not theirs.

At the end of the day shareholders can't complain about a higher share price and I'm prepared to accept the board have good reasons for what they did.