What is the aim of the buyback?, page-31

I’m waiting for someone to explain to me how an on-market buyback is an efficient risk free return off capital for the majority of shareholders.

The board has duty to distribute excess funds in a safe and even manner to all shareholders.
And the on-market buyback, amounts to the board failing to maximise the return for the majority of shareholders.

It should be not the boards duty or concern about the tax implications for the T20 but the BB is aimed for their benefit.

The current BB is simply catering for the T20 tax implications, paying them a distribution of capital return as in past would
result in them paying more tax.

Our entitlement is being put at risk because the T20 are given the pleasure in what manners they wish to dispose of the shares -
general the lower tax of capital gains.

At the moment the majority of shareholders are being fed prawns - meagre dividend to placate them- while T20 are given lobster’s