Maybe many of those individual shareholders own 5,000 shares, are subject to the 39% or 47% marginal tax rate and don’t want to pay 9% or 17% top up tax on a franked dividend?
Maybe some shareholders own 1,000,000 shares via super, and prefer a dividend because they get a refund of the franking credit.
Point is regardless of what a bot says, it is a shareholders individual circumstances that will determine whether from a tax perspective they prefer a dividend vs. buy back.
NHC Price at posting:
$4.68 Sentiment: Buy Disclosure: Held
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