Webinair, page-42

Difficult question between buy-backs and dividends.
I think most shareholders are going to be better off with buy-backs purely from a tax perspective. With a buy-back you're going to push up the share price that results in larger capital profits when you eventually sell and if you hold for greater than 12 months than your taxable profits reduce by 50% for individuals and 33.3% for SMSFs whereas if you take dividends then you'll be receiving unfranked dividends as we only have overseas profits and there's no reduction in your taxable income.
Reading between the lines from yesterday's webinar, our CEO was saying that he's attending these multiple conferences as he wants to increase the percentage of the Company held by institutional shareholders which was previously 50% but has reduced since mine closure to 20% - he also believes that 257mil shares is already a tight capital structure and there's little room or incentive for institutions to chase a dwindling number of available shares especially after any aggressive buy-back.
I'm happy to have them do buy-backs for the next two years and keep the institutions out as I'd prefer a larger capital profit at a reduced tax rate than unfranked highly taxed dividends.