Does WHC export to India?, page-5

Typical from u!

In the past, the trend was for capital return to be distributed as payment to the majority of shareholders.
Shareholders could get a double payment within a financial year- dividend and a CR distribution.

The current return of capital bypasses the majority of retail shareholders favouring the T20.

Basically the majority of shareholders are foregoing their entitlement because the board is more concerned of the T20 tax issue.

A return of capital distribution will force the T20 to pay more tax, while a buyback will give them the option to sell the stock and pay
less tax on capital gains.

Besides that, it artificially increases EPS, which would benefit the remuneration package.