Question 1: Do you have anything on participating in the Caltex off-market share buyback?
Answer: Thanks for the question. I note that the capital component of the buyback is only $2.01, meaning a very large fully franked dividend around $22.
On that basis, the off market buyback should be attractive for low/zero rate taxpaying entities (such as an SMSF in pension mode). It will be unattractive for high rate taxpayers.