Keeping in mind they also recieve a tax credit of $17m as per their update on 07/11/24 so the amount made and franking credits generated would be lower.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02878046-2A1560756
I still think it's a bad use of capital. Let's assume they have $50m of franking credits (which they don't as of right now, but will eventually) you (as the investor) still need to pay the difference between the corporate tax and your marginal tax rate on those funds. If you're working any job and not in retirement that means more tax to be paid on top
I'd much rather them buy back stock at any level below $15 as per the existing SBB.
If we still exist 2-3 years down the track and we're valued appropriately then I think a dividend makes sense.
(20min delay)