Ann: Westpac announces $3.5 billion off-market share buy-back, page-131

you are the smartest one here. try to work out the strategy for us. some people already hold wbc. we have 4 days left if we want to buy new shares to sell into the buyback. the buyback gives a massive cap loss and massive franking credits. we will get the franked div. we can sell calls or buy puts. we can buy shares to replace the ones we sell into the buyback. thenbuyback price will be known in dec from the 5 preceding days. we can pull out our buyback acceptance. its giving me a headache trying to work it out - perhaps the nab calculator does work but its messy. id lovs to see your strategy using options to protect us while we try to get this massive cap loss. people need to use the loss to offset only against shares held for less than 12 mpnths. dont waste it.