Ann: Update - Notification of buy-back - ICI, page-14

i'm quite sure the general directive to the broker is "buy up to 135m shares over the next 12 months"; nothing more, nothing less, because ICI can't give them an edge, provide the broker with "tips" aka insider information/instructions on timing the market to get the cheapest shares. there's a body of rules & regulations that govern how SBBs work; like what the broker's budget is, type of buy-back, how much they can buy per day/etc as well as price. there aren't other instructions from ICI like when to start & stop buying because that would defeat the purpose of appointing/paying a broker in the first place; it's the broker's job to monitor the market, as a third-party, to determine how to achieve the best outcome for the company/shareholders, which is to buy as many shares paying as little as possible for them, & eliminating conflicts of interest as their position is neutral, having the same information as the market

i know SBB is very complicated to comprehend @crazydave1942 is proof of that