I said that if they want to make the share price more attractive...

I said that if they want to make the share price more attractive to investors, a share consolidation is an option. This is a common thing that happens. Some investors would prefer to buy a share that is $8.00 versus $0.80. Yes, totally different from a on market share buy back, I personally never said they were in anyway similar, and it doesn't improve the value of the company.

Agree, a SBB has really nothing directly to do with franking credits.

Why would TER raise capital? Well they are giving back by way of dividends almost all their operating cash to shareholders. In the event a good investments 'comes across their desk', where are they going to come up with the cash if they don't have any cash in the bank as they spent it all? Answer: raise capital. Will TER make an investment? I have no idea. Should they have money set aside, "just in case", in my opinion, yes.

SBB are used by companies that have excess cash and have no investment plan for that cash in the near term AND where the BOD believe the share price is undervalued. You can't do a SBB if you don't have excess cash can you.