All I’m saying is that this type of return isn’t a fair way to...

All I’m saying is that this type of return isn’t a fair way to distribute return of capital - ignore dividends - evenly to all of the shareholder.

The other point that I like to stress is that since the board is catering for the whims of the institutions and professional traders, it basically amounts to denying the individual holder’s monies that they are entitled too, now!

Its like some company’s giving employee’s a Xmas bonus but u don’t receive the cash, instead u receive a card because they’ve redirected ur entitled bonus to some charity organisation.

If u still don’t believe it is theoretical concept then the CEO Bob Bishop comments may convince u, “We believe that the buyback will benefit all shareholders via ….”

I believe there other ways to eliminate this type of bias which has become fashionable and being perpetrated by many ASX companies for at least a decade.
The other options amounts to receiving ur entitlement now, and retaining the same percentage of ownership….one involves a reduction of shares on the company’s book’s

I don’t know if there are any ATO criteria that must be met to prevent a company using the other 2 alternative options!

The buyback structured as such, amounts to being forced to be a flea on the institution’s whims to minimise their tax obligations and possibly gain future benefits for shareholders.

It would be interesting to find out the number of participants in the previous buyback and which group they came from, like the holders of share up to, 1000, 5000, 10000 and etc.