The buy back may be of advantage to those who would otherwise...

The buy back may be of advantage to those who would otherwise incur greater CGT on the sale of their shares. Only $9.94 will be treated as the return of capital. It seems that most won't incur significant CGT. The remainder of the Buy Back Price will be treated as a FF dividend. This may be of benefit to you depending on your marginal tax rate. This 'Dividend Component' has to be included in your taxable income for the year, so won't do you much good if you're on the top tax rate. A retiree on 19c in $ however might score a nice little refund from franking credits.

So, like the curate's egg - good in parts. Whether it's attractive will depend on each shareholder's circumstances. Do the good bits make the foregone discount and unknown final price worthwhile?