The small shareholders being bought back may feel hard done by,...

The small shareholders being bought back may feel hard done by, though they can nominate up until 5pm tomorrow to be excluded from the buyback.

Record date for determine who was included as a small shareholder was 3 Oct when the close price was 14.5c and the payout has been determined at $0.1482/share, and the value of the buyback was $347,889, which implies approx 2.35m shares being bought back by that process. At the takeover price (17.5c) they would need to pay approx $411k for those same shares and the minimum package size would drop from the current 3448 to 2857, so less shares would likely be bought back as well.

Given recent events you would think the fair thing to do would be to re-calculate the parcels to include in the buyback and up the price being paid.

As for the on-market buyback, don't think that has started yet, so would have no impact on people who may have sold out.