As for the other thread you started, Rusty was right about the price Lemur board can pay for the remaining shares.
ASX Rule 7.33
" A company may only buy back shares under an on-market buy-back at a price which is not more than 5% above the VWAP ( Volume Weighted Average Market Price ) calculated over the last 5 days on which sales in the shares were recorded before the day on which the purchase under the buy-back was made."
If you have a look at the daily share buy-back announcements, you will be able to see the maximum price that the company is allowed to purchase at.
Also - the company is under no obligation to purchase the full 10%. However it's a fair assumption to make - that they will.
Next step is to re-calculate Bushveld's % ownership. Simply divide the number of shares they hold into the outstanding shares available once they hit the limit. ( I would also maybe add the 8,000,000 performance shares that Anthony & Ryan gave themselves at the last AGM to the Bushveld # ). This will give you their % control.
Furthermore in relation to Tongaface's comment: The company does not intend to buy back more than the maximum number of shares allowable under the limit.
If they wanted to they would need a shareholder resolution to do so. In any event they may only be able to go another 5%. ( You would need to check that out )
It all gets very interesting when they hit 75%. This is when shareholder approved Selective Buy-Back could come into play.
Cheers.
LMR Price at posting:
5.8¢ Sentiment: None Disclosure: Not Held
