Share buy back

TLS has announced a share buy back subject to a book build with shareholders invited to tender their shares at discounts based between 6% and 14% of the market (VWAP). If they like shareholders can tender at book build price

Tender opens 8/9/14 and closes 3/10/14.
Part of buy back has a return of capital of $2.33 with the balance being franking credits

Assuming the market price at closing date is $5.45 these are my calculations on worth for 1000 shares

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
0	DISC	$5.45	RECEV	RETURN CAP	FRANKING	FR CRED	PRICE PER SHARE
1	14%	$4.69	$4,687.00	2330	$2,357	$1,010.14	$5.70
2	13%	$4.74	$4,741.50	2330	$2,412	$1,033.50	$5.78
3	12%	$4.80	$4,796.00	2330	$2,466	$1,056.86	$5.85
4	11%	$4.85	$4,850.50	2330	$2,521	$1,080.21	$5.93
5	10%	$4.91	$4,905.00	2330	$2,575	$1,103.57	$6.01
6	9%	$4.96	$4,959.50	2330	$2,630	$1,126.93	$6.09
7	8%	$5.01	$5,014.00	2330	$2,684	$1,150.29	$6.16
8	7%	$5.07	$5,068.50	2330	$2,739	$1,173.64	$6.24
9	6%	$5.12	$5,123.00	2330	$2,793	$1,197.00	$6.32

At a market price of $5.40 the 1`4% disc equates to $5.64 per share

Looks OK to me