I agree wholeheartedly with needle. The shares appear...

I agree wholeheartedly with needle. The shares appear undervalued at current prices and a buyback would be the best means of returning funds to shareholders.

Without franking credit a dividend makes no sense, as it will be taxed at individuals marginal tax rates. For those who want dividends then sell an equivalent amount of your shares into a buy back. You'll still own the exact same claim on future profits and you'll get tax advantage of long term capital gains discount.

(Equivalent to the percent the company is buying back)

Why undervalued? With $100M cash the market is valuing Relenza and LANI and HRV and the rest at $85M. That's laughable and at the same time concerning, the market is normally this stupid for so long, so I'm left wondering why.