I think you are overly complicating the expression. They just mean that they are going to do fully franked dividends and not buy backs. Also unlikely they will do any takeovers.
FYI when companies do do unfranked capital returns the ATO usually rules it an unfranked dividend anyway. This will not what the announce meant though. It specifically mentioned FRANKED dividends.
I think you are overly complicating the expression. They just...
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