When are we expecting dividend announcement?, page-36

Companies cannot make buybacks mandatory. Both parties have to agree to a transaction. You can't force a company to buy back your shares and the company can't force you to sell your shares.

My preference for how Beacon spends our surplus cash is definitely:
1. Acquisition/Development of positive NPV projects.
2. (Fully/Partially) Franked dividend.
3. Hold on to it in the hope of a future opportunity.
4. Share buyback.
5. Acquisition/Development of negative NPV projects.

Shares outstanding and the share price tracking sideways aren't a huge concern for me when I'm invested in a company that has produced a ROE of >40% for the past two years. Given that they have made exceptional returns on capital, I'd much prefer the company to look at acquisition/development options rather than share buyback. Of course, there's always a risk when an acquisition occurs that the company overpays (I don't think they have for MacPhersons) so the line between positive and negative NPV projects is always blurry from the outside looking in. Prefer the payment of a franked dividend to them holding on to it in hope of a future opportunity because the potential agency problems and opportunity costs that potentially arise.

Therefore, in my opinion you can't go wrong with a franked dividend, I'd be over the moon if they achieved point 1 (again), but 2. is nothing to be sneezed at.