exercise of options & appendix 3b ..., page-10

I thought that you were indicating that a ruling was required for a buyback.

If they announced an on-market buyback, I think it is 2 weeks notice before the company can commence buying stock.

But if they did a buyback before the dividend was paid, then the payout in $ terms would not be as much as the $135m.

But it would also leave capacity (being the franking credits not distributed on the shares cancelled) to pay a second dividend to the remaining shareholders.