Personally I'd prefer it if they cancelled the 10c return and...

Personally I'd prefer it if they cancelled the 10c return and withheld it until they can pay it out as a franked div.

Pay out the 28c now as a franked div, avoid the necessity to seek approval of the capital return, and get the 28c in the hand of the shareholders sooner.

We will see the preliminary accounts either today or tomorrow. They might draw some attention to how undervalued the stock currently is.