8 weeks , page-16

Noellyn, for taxpayers on a high marginal tax rate and sufficient cost base, a share capital return is more preferable than a franked dividend as there is no top up tax payable on the return (see my earlier post - for taxpayers on the top marginal rate, the benefit of a franked dividend comes mainly through capital losses on a future sale). Plus, the company doesn't need to use up any franking credits to get a tax efficient outcome for shareholders.

I think EXS were just trying to get the right mix of capital return/dividend, which I believe was the right approach.

Whether the distribution was paid in July, Aug, Sept, Oct or Nov probably wan't seen as a big issue by management - they would have seen getting the right mix and the right tax outcome as more important.