telstra buy back, page-6

In my case with a SMSF and no tax to pay it is easy to put the variables into a spreadsheet and review the various scenarios. It is still a punt about what to do, and the answer depends on what you think the prices and dividends of TLS will be in the weeks and also the next 12 months. If you are clear about the foregoing then it will be clear what to do. Otherwise the decision is not greatly dissimilar to what you might like to do with any other shares in your portfolio. In my case I want to retain my holding in TLS, and will likely offer all my shares, (in several lots at different discounts) assuming only a portion (say 25%) will be bought back, and I will repurchase as many as I can with the cash returned on 12th October, or a bit later if the price declines. My risk is that the shares may go up too much before I can buy back, but that is the risk you take.
Until I receive the franking credits tax refund in mid July 2017 and then reinvest them in TLS shares then the final outcome will not be known. (Yes - I send my data to the accountant 1 July, and the refund is in my bank within 2 weeks).

Good thing this is only a short reply!