An off market buyback with 35% capital and 65% fully franked dividend. What this means punters is that the fully franked dividend generates profit and at the same time there is a paper loss which is great for tax purposes.
As a sweetener shareholders are going to get first go at an issue of converting prefs. These are just the thing for widows and orphans as the fully franked yield will be exellent. Furthermore they will participate to some extent in capital growth of the company.
SEV Price at posting:
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