Ok, since you asked. - If we receive dividends and if it can't...

Ok, since you asked.

- If we receive dividends and if it can't be classed a return-of-capital, and there's no franking credits, so for me I'll be paying 50% tax or thereabouts. Pretty much everyone except for a very few will pay tax. Foreign investors will pay the full Withholding Tax as there's no franking.

- If it is classed as capital it might put strain on the AMP banks capital requirements, or nullify any possible exemptions to the future changes.

Mircats point about the EPS assumes that the Board hasn't already factored this into their return hurdles for giving Bonuses to Management. That's ludicrous. Their Corporate Governance advisory firms would have definitely included it as it was a known policy to undertake significant buybacks that was in place before this current incentive period.