I just reread the 7 September release which suggested declaring...

I just reread the 7 September release which suggested declaring a dividend before the end of September. I notice the agreement with John Boardman to buy back shares " will become effective upon the receipt of the requisite shareholder approvals and the company declaring the payment of a dividend."

The accounts also state on page 59 that the dividend will be materially unable to utilise franking credits.

I assume the delay in announcing a dividend may mean cash will be used for a takeover, but unless they revise the Boardman agreement they need to pay some (unfranked) dividend before they can buy back the shares.