I'm not sure the buyback was ever intended "to reward shareholders". Instead, I think it was about rationalizing the share-register hence the sometimes small acquisition volumes and tight price bands.. I note:
(a) around 25% of the 10000 shareholders have unmarketable parcels of about 1500 shares. Although the buy back will not get these, I'm sure they are on the radar because the listing costs associated with 2545 holders will not be loose change. I'd not be surprised if they launch an unmarketable buy back facility soon.
(b) around 4200 shareholders with marketable parcels (ie <10000 shares) are worth about A$3.3m (@ 33c / share). So I'm sure these would be specifically targeted by MGX as part of the registry rationalization; and
(c) assuming 33c / unit, it would cost about A$39m to acquire all holdings less than 100,000 units ... my guess is that this is not an irrelevant metric.
It's all about lessening the registry overhead costs and communication costs associated with a large number of 'hideously pesky insignificant' holdings.
I also think the MGX have ascribed a fair value somewhere close to 33c and so will struggle to rationalize paying above this value...
all in all, right up there with watching grass grow
have a great day
(20min delay)