I just reread the 7 September release which suggested declaring a dividend before the end of September. I notice the agreement with John Boardman to buy back shares " will become effective upon the receipt of the requisite shareholder approvals and the company declaring the payment of a dividend."
The accounts also state on page 59 that the dividend will be materially unable to utilise franking credits.
I assume the delay in announcing a dividend may mean cash will be used for a takeover, but unless they revise the Boardman agreement they need to pay some (unfranked) dividend before they can buy back the shares.
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