As I said, there is no great issue if everyone takes it up. But...

As I said, there is no great issue if everyone takes it up. But consider that most people will pay tax at their marginal rate on the dividend, so it is tax inefficient, which is why I'd prefer no dividend & an ongoing/annual offer to buyback the stock at some mid-point between NTA & current share-price. It would have less tax-consequences and likely result in the market price eventually trending to NTA and in the NTA per share rising at a faster rate.

The UOAREIT holding throws off about AU$11 or $12m per annum in dividends to the parent, which more than covers off the holders who take cash instead of DRP, so I am quite glad for the UOADB reinvestment. There is over AU$80m of cash sitting at parent level, so unless they have a good use for that, another capital return would make sense, but I think there were issues with the ATO last time, so maybe not.

Again, my preferred way of returning capital would be a buyback at a midpoint valuation. At 65cps, if it were offered, those who accept would get a meaningfully higher price than has ever been paid/transacted on-market & those who hang on would get a higher NTA & a greater future EPS. The chief issue being that the 70% board/management holding would grow much more rapidly in this case.

I would love to take on a part-time role as capital allocation expert for UOS, there are a number of things that could meaningfully lift the markets assessment of the company valuation and properly executed, could actually meaningfully improve the ongoing value of the enterprise. Even the on-market buyback doesn't appear as aggressive as it could be, although when I tracked back, I found they had captured 23.2% of the liquidity in 2014, so they can't really be faulted there.

They have seen me for the last few years, so they are getting used to seeing my head around, assuming nothing happens in the next 12 months in this respect, I may travel next year with a much more detailed plan of the course of actions that could be taken, rather than just casually mentioning them as ideas.

As to traveling to KL, the flight costs me about $520 and they looked after me with a good shareholder-rate at the Capri, the whole thing can be done for about $1k, which is scarcely 2% of the annual dividend our holding generates, so I consider it a worthwhile expenditure to keep abreast of the years developments. I am surprised more holders don't attend actually, the scale of operations for a relatively small company are extremely impressive.

It is the easiest business to hold that I can imagine, I am very confident I will look back 5 or 10 years hence and wonder why I didn't buy even more aggressively - Eternalgrowth