That's a question I had too - I don't really understand it.
I wasn't around for the IPO but I participated in a capital raise in 2015 where about 63M new shares were added.
Just looked it up, the vast majority were through an institutional placement (58.8M shares) and a small share purchase plan for shareholders (4.4M).
In the recent buyback, 21.6M shares were purchased, about a third of what was issued in 2015. So are they saying the remaining 2/3rds are mostly still in the hands of institutions who don't want to sell?
Not sure why they can't just buy on-market, are they really saying that there is no one willing to sell?
Media Updates, page-13501
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Last
$5.28 |
Change
0.090(1.73%) |
Mkt cap ! $3.822B | |||
| Open | High | Low | Value | Volume |
| $5.23 | $5.29 | $5.14 | $18.87M | 3.614M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 12652 | $5.27 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $5.29 | 3513 | 1 |
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| A2M (ASX) Chart |