Ahh.. I just did the numbers, they made money on the last buyback that ended in October (go check the notices if you haven't actually done that yourself!), and thats *before* factoring in the 2.5c dividend that they didn't have to pay on the 212m (about 95% of the total) bought-back securities on the ex-date.
That dividend was only 20% franked, which shows that they didn't have any franking credits to distribute.
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What is the aim of the buyback?, page-36
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