Ann: Commentary on 2016 full year results, page-87

My point is that the capital movement restrictions put in place by the Chinese government have a major impact on the possibility of XPDs cash coming back to Australia to be distributed to shareholders.

If XPD wasn't able to effect a share buyback because of these restrictions, the probability that the proceeds of a liquidation of XPD would come back to ASX shareholders is very close to zero. And if that's the case, then the shareholder isn't really a partial owner of the business, and XPD.AX shares are fundamentally meaningless.