Forget a share-buy back.  Even if the major shareholder agreed,...

Forget a share-buy back.  Even if the major shareholder agreed, a buy-back would fail to acquire sufficient shares to make a material difference.  Under ASX rules, buy-back prices are limited to 5% above the previous five days prices.  Given the lack of liquidity in GRR shares, the price would only have to move 1c before they are restricted from buying more shares.

Franked dividends seem like the better way to return cash to shareholders who can then choose to re-invest in the discounted share price.