I did not mean the SP hasn't increased through the buy back...

I did not mean the SP hasn't increased through the buy back periods merely that it looks to me that their broker Taylor Collison is working with a target of 20% of the daily volume on average. If the intention is to really purchase 10% of shares outstanding then they could wipe the seller line each day which would have a much more dramatic effect on the SP.

The buy back has contributed to the SP increase but its not the only factor. ASX is up over 9% the last 6 months and the underlying business of CAA has performed.

I agree liquidity is poor and the consolidation seemed over done. I also don't see how they can buy back significant stock or enough for it to be a primary means of distributing surplus cash. Excluding a significant acquisition they will have to maintain a dividend. Unfranked won't bother me at all as I am not an Australian tax resident.