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