Ann: Proposed return of capital to shareholders, page-4

Well it is tax free money, if they do a pro rata capital return, I would expect. Or a selective off market buyback could be advantageous to super funds and tax advantaged shareholders, and increase everybody's equity in the business even more effectively. I think the contact with the ATO might mean they will do an off market buyback by tender. This would probably be even better for shareholders overall, as the tax man kicks in some tax returns to the pool.

Whichever way - they don't need the money, so why keep it.

Also BVS obviously is not valued much based on its cash, but based on its earnings outlook. The cash only provides interest income.