It is not in the company's interests to have delayed the application.
As the two major overseas holders have no representation at the board table I sincerely doubt your theory.
I am sure that the board and management are aware of the companies exiting, and would be doing everything possible to locate buyers for the stock.
They are only exiting because the franking credits are of no value to them, and we should expect the share price to fall by the value of the div, capital return and the franking credit when it does go ex. So it makes sense for the o/s holders to exit now. They may well buy back in after it has gone ex, and will be able to effectively increase their stake in the company if they so wish.
Just bring on the declaration of the dividend and all will be rectified.
EXS Price at posting:
63.5¢ Sentiment: ST Buy Disclosure: Held
