Like you, I think a special dividend is more likely but I wouldn't discount an off-market share buy back option just yet.
The latter would allow the company to release its excess franking credits, maintain its preferred capital structure and increase earnings per share all in one hit. More importantly, in my view, allow Skye Alban to hopefully fully exit via a off-market buy-back.
The last point is important because we know the very slow sell down by Skye Alban has been a drag on XRF's share price for quite a while now.
Board just needs to weigh up Skye Alban's ultimate intention in respect to their holdings - e.g. do they intend to fully exit? If so, better to bite the bullet and get them off our register in one fell swoop.
XRF Price at posting:
26.5¢ Sentiment: Buy Disclosure: Held
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