The major problem is that it would result in greater illiquidity in the stock so it would just revert to trading around $3 after giving $10 to those that don’t want to be in the stock. Don’t get me wrong buybacks can benefit long-term shareholders but definitely don’t waste franking credits in buyback #2 and do it at a lower price.
Max out dividends and franking credits to holders that want to stay on for 5 or more years until LE lists on NASDAQ. Not sure that LE is ready to provide the additional disclosure required for a listing.
