The reason I linked both companies is that there was a slow reaction from the market to JRL once they became mostly cash. There was doubt from the punters about how the cash would be spent despite the board/management stating there would be substantial returns of cash to shareholders. The similarities are there pre-div.
The MD of JRL stated in this instance that his preference was a franked dividend. The franking credits are a substantial asset that can only be accessed by way of dividend. No other means of return gave good shareholder value. The market began to move after bleeding off for a few months until the company announced the fully franked div.
It is worth noting that the charts posted are corrected for the dividend and the stock reached something like $1.40ish not the implied level shown by that chart.
For all the same reasons EXS will pay a dividend and have the capacity to fully frank it.
EXS Price at posting:
67.0¢ Sentiment: Buy Disclosure: Held