Ann: Half Yearly Report and Accounts, page-18

I think its a well-known, well-loved stock already; I don't think they worry too much about liquidity in the trade of the stock.

I would argue that this policy of issuing special dividends every 5 years or so is the very thing that caused ARB to be such a well-known, well-loved stock it is today.

If I imagine how ARB would look like if it followed a different path of never declaring special dividends, I imagine it would look more like REH, an equally impressive company that is very illiquid because it is very tightly held, with a massive balance of franking credits. It would have much less followers than it has today. As a comparison, REH is a company 3 times the size of ARB, but it doesn't have many analysts following it, because nobody can buy enough of the stocks to justify the coverage.