Good question.To put things in perspective though first here's...

Good question.To put things in perspective though first here's some numbers crunched if (hypothetically) cash from last year's dividend was instead used on a buy back.

Note I'm using yesterday's share price but price from July last year was about 5cents lower which would have made a buyback at that time more effective than below numbers.

	Column 1	Column 2
1	Shares outstanding (from FY17 report)	173,161,812
2	Cash dividend (FY17)	5,368,000
3	Current Price (23/2)	0.655
4
5	Shares bought back	8,195,420
6	Shares after buy back	164,966,392
7	% Increase per share ownership	4.97%
8
9	FY17 Earnings	20,155
10	FY17 EPS before buyback	11.639
11	FY17 EPS after buyback	12.22
12
13	Hypothetical portfolio (Shares owned)	100,000
14	%ownership Before buyback	0.0577%
15	%ownership After Buyback	0.0606%

So the impact of using this cash to perform a buyback would have resulted in an instantaneous increase of about 5% value to all existing shareholders.

A couple of points:
* The buyback itself would impact price which means that Shine might not be able to buyback at the current price i.e. take above number with a grain of salt.

* There are no tax implications to the buyback, and by comparison only some of last year's dividend was franked. So if you used 100% of your dividends to buy Shine shares on market then you would not have had as good of an outcome.

* If the buyback was conducted sensibly (phased over a period of time) then the 8mil shares might be doable. There have been days since July where almost 8mil shares have changed hands in a single day (though probably not be 8mil unique shares).

	Column 1	Column 2
1	Name	Number Of Ordinary Fully Paid Shares Held
2	Simon Morrison	42,339,902
3	Stephen Roche	42,339,902
4	Shares held by others	88,482,008

That said it could be argued that last year's dividend was paid from debt so you need to offset the above by whatever interest rate Shine is paying - though the debt would amortise and the impact of the buyback is permanent.