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It is a complex calculation and is different for all investors but basically the buyback will be worthwhile for pension funds or other investment vehicles paying little or no tax but not for most other investors.
We are assuming that the maximum discount will occur (14%) which means that you only get $4.79 for your Telstra shares versus a current price of $5.57. But because the $4.79 is made up of a $2.33 capital return and $2.46 of full franked dividend (based on the current price) the total grossed up amount received is $5.84.
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