Ann: Announcement of buy-back - Appendix 3C , page-3

Hi Septic

Any idea what governs the rules on buyback prices? In my experience, they always seem to have to be at or below last sale, but I'm not sure where this is in the rules- ASX, Corporate Law or Constitution?

Typically, they just seem to result in further reduced liquidity unless a company was about to recover (in which case they can put a new floor under a rising price). But buybacks because the company thinks its shares are too cheap seem to be more of a deterrent to speculative liquidity.