My understanding is that JMS's corporate partners own 85% of the...

My understanding is that JMS's corporate partners own 85% of the shares, and 15% are owned by private investors and those who paid for the privilege of the 70c per share placement last year. This leaves some 273m shares in the hands of those most likely to trade (the partners will be less likely to do so), and the $12m buy back would soak up some 30m shares (if at 40c a share), thus soaking up around 11% of the available shares likely to be traded. This is a sizable slab in those terms, and once the buy-back comes into action on 1 Nov we will see a greater impact on the SP than the $12m would suggest on face value. Just watch the market wake up to this reality. JMS's key partners are all too well aware of this dynamic, which will put a greater proportion of shareholdings into their hands. They will surely benefit from the higher SP by not selling.