Travelightor, Good point about the liquidity - only a million or...

Travelightor,
Good point about the liquidity - only a million or two over the past year, although I'd like to see them approach Freemantle with an offer for a portion of their stake with the balance placed on market as WPL did with Shell. Agree with your thoughts. However, an off market buyback with a large capital component would still be more efficient than an unfranked dividend. They also have plenty of share capital to make a capital return, such as the one WES made.