"Off market partial buyback could be used to enable small shareholders with non-marketable parcels to sell back to the coy without onerous brokerage. Reduces costs in administration. "
Is this really the reason?
My understanding from the limited research I have conducted is the reason for doing this sort of purchase is conditional offers or offers that have special terms.
The takeover playbook has 3 ways to go beyond 20% shareholding:
1. Rights issue ✅
2. Off market partial purchase ✅
3. Creep of up to 3% a quarter
given that this announcement contains 2 of the 3 ways I feel that there should be a closer examination of these intentions.
Then again I am not a lawyer or finance professional so I would love to see more debate around this.
Ann: Notice of Annual General Meeting/Proxy Form, page-9
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