"This ann was already priced in as EXS went from 60c to 72c in...

"This ann was already priced in as EXS went from 60c to 72c in the last few weeks"

The dividend has been tabled for 4 months, so the buying over the last few weeks is not solely attributable to the dividend announcement. It has more to do with the removal of the stock overhang and the Mt Colin upgrade.

"Also those with high earning will most likely sell as they don’t see benefit of franking credit in days to come."

Maybe you are right, but this isn't rational. If you are going to sell, why wait until the announcement and then sell at the same price as before the announcement? You would only sell if you were receiving some benefit for the attached franking credit. I can understand waiting for the announcement and then selling at say 75c, but you could have sold at 72c last week, so why dump at 70.5c today?