I'd be very surprised if we didn't see management declare a very large special dividend tomorrow.
There is simply no justification to keep that excess cash and franking credits on the balance sheet. Given the current uncertainty in the thermal coal market and with the governments new buyback rules there is no reason they need to complete it now.
My guess is they will increase the dividend, and the payout ratio above 50%. They will still have the ability to continue the buyback if market conditions make it economical this year.
The above is at least my hope! And what I would consider to be prudent capital management at this time.
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