share price would collapse if they announced any thermal acquisition.
Offmarket Buyback is the way to go, especially to start burning the $490m franking credits that would otherwise not be fully utilized. Can you imagine SMSF and pension funds jumping over each other to participate in a [for example]: 20c capital component + $1.54 fully franked dividend + $0.66c franking credit = $2.40 buy back which only costs $1.74 to fund, a number less than the convertible note exercise price? Even 200m shares bought back barely scratches the franking credit balance ($132m reduction). SOL could even participate with those credits passed onto their shareholders.
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$4.98 |
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Price($) | Vol. | No. |
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1 | 2019 | 4.930 |
2 | 2019 | 4.920 |
1 | 2019 | 4.910 |
3 | 7019 | 4.900 |
Price($) | Vol. | No. |
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4.980 | 9999 | 1 |
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