The ramp up in the US and Asian is the basis of my previous...

The ramp up in the US and Asian is the basis of my previous statements. Sure BSL can make plenty of money with their expansions in the USA however if they are not generating very large profits in Australia they will not be able to transfer those large profits back to Australian shareholders in the way of larger franked dividends. I know the buyback is happening and it is much larger than the dividends that are going out however I also am yet to see an equivalent increase in market capital / share price leading from these buybacks. Hopefully in the longer term this investment may be written back into the share price, but it isn't at the moment. I've said before that I can't see that BSL will go much higher than it is at the moment unless they can increase their franked dividend yield well above the current 2.5%.
A possible solution may be if a large portion of BSL were to be taken up by an offshore investor allowing the low franking credits to be split over fewer Australian based shareholders. IMO