Ann: Intention to Make Takeover Bid, page-152

I think a buyback would be much more appropriate as that can also use franking credits and actually buys back a chunk of equity that can be resold later if needed, launch a buyback at say $2.80 for 10% of the company (around $8m), it would likely not get many takers but sets a new floor for the price and snookers the current offer which has just been extended.

If management had ANY confidence in the result they are about to present this would be the only way to increase value for holders, if they could buyback even 1-2m shares and then release numbers showing some stability it would create extra value for holders, nb; I said increase "value" not "price".

I suspect if the numbers were going to match managements expectations this would already have been done, I just hope they don't match the expectations of the bidder and drive the market straight into their offer.

Paying out excessive dividends does not actually create value, investing it wisely or buying back shares at a sensible price does, if they create value dividends will follow in due course