Ann: Update - Notification of buy-back - WHC, page-43

So you're just an argumentative person for the sake of it. Confirmed.

Strong asset backing - I know you don't read reports but you can look at income tax expense & payments (taking into account dividends paid) for an idea of the growing franking credit balance (& of course the buyback was very likely going to be off-market to distribute those - not sure you remember, though you certainly post a lot so I would hope you do). Also, if you read reports, you would see a cash balance (asset backing - I'll leave you to inform yourself as to whether the term "strong" suffices).

The import of franking credits depends on the makeup of the shareholder base of course (again, I don't know whether you think these things through or just shoot from the hip). But pension & super funds certainly put a value on their distribution - its an Australian market thing.

I'd put it to you to try to understand what the "board's role & responsibiites" are - I certainly don't dismiss them.

If your point is simply a matter of timing, then make that. If you think the buyback should be stopped, then say that.