mljet, as a non-stock holder, I'll try not to be too opinionated...

mljet, as a non-stock holder, I'll try not to be too opinionated on EXS, but companies that return funds to shareholders are the best on the ASX- that's the view I hold. If an asset is sold off, particularly one that is considered "core", then capital returns/dividends are a wonderful reward. SIP sold a major asset and gave a special FF dividend of 15c; OZL returned what was considered "excess capital" and gave a CR of 12c. CSR sold off a major asset and gave a large CR to SH's. Then you have companies who sell off assets and do a buyback (AMU), and FXJ is expected to flog assets and do a buyback at a premium (as opposed to what AMU did). Some companies sell major assets and pay off debt and give nothing back to SH'ers (HSK).

EXS is keeping some of the sale capital and can use this to buy more assets. EXS SP is pretty much at its highest SP ever. One reason is because it's a good company with good management. Another is because of this special situation, particularly, I'd say, with the proposition of the FF dividend. As a non-holder, I am looking closely at EXS, and it probably would not have come on the radar otherwise. The closer the $$$ is, the more demand there will be, and the higher the SP climbs (that's a guess, but it often happens in these cases).

I hope for you holders that the money returned is in addition to the SP you paid- that's how these things *should* work. mljet, nothing is being taken away- it is just being redistributed.