They'll just keep extending until they find something to do...

They'll just keep extending until they find something to do with the cash. When you take out the shares already held by committed holders including the Stokes / Seven Group that 10% (of market cap) translates to a huge amount of the free float.

You can keep complaining all you like but there just aren't that many shares left in weak hands imho. I agree with you on dividends but I think they're more interested in increasing control (via buyback) rather than rewarding shareholders.

That's why I'd only ever invest a modest amount of Capital in a company with this control structure where the interests of the majority and minority shareholders aren't necessarily aligned.