Sydney meeting, page-98

It is my opinion that MBL is NOT buying shares on market.
I am not sure if they are allowed to under a formal S of A.
BUT
for a start, irrespective of whether the T/o is by way of a Scheme or a T/O, MBL must still comply with the ASX Listing Rules.
Which mean that IF MBL were acquiring shares on market, then IF they go through the 5% s/h level, then they must lodge a Substantial Shareholder Notice. They have 3 business days to do that.
And they have not done that!
So there are 433m Ords.
5% is 21.5m less 10m MBL already hold.
So all they "could" (if they were allowed to) acquire onmarket is 11.5m - before they need to lodge that Sub S/H Notice.
How many have gone through at 20c since the Scheme was announced?

Usually this type of on-market purchasing is opportunistic Hedge-type funds buying on hope of a higher bid, or 3rd party bidder.

just all imho