Wassa,
During an on-market buyback even days of no buyback requires a notice [see Petsec Energy (PSA) ASX notice of 21/11/2013]. It's a full disclosure thing.
"First come first served" requires all shareholders to be informed of the buyback before the buyback commences, not just insiders. It's an equity thing.
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- Ann: Announcement of buy-back - Appendix 3C
Ann: Announcement of buy-back - Appendix 3C , page-23
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