Ann: Notification of buy-back - ARG, page-4

I'll nail my colours to the mast on this: maybe!
With excess capital, companies have a few options.
1. Return directly to shareholders either by way of a special dividend or capital return (the SD is a good option if there are excess franking credits). Or a combination of both.
2. Share buyback and cancellation which theoretically should add value to remaining shares and, all things being equal, an increase in dividend/ share.
3. Go and buy something with the surplus. This has often ended in tears where, with great intention but poor judgement, companies have shredded shareholder value.
4. Keep it for a rainy day
My general take is that I'd prefer companies to give excess capital back to me directly (option 1.) and i can then choose where/what I do with it.
So here's my definitive answer, it depends on your particular circumstances.
@Wriglez I hope you've enjoyed my fence sitting. Cheers.