I think the mgmt won't even start buy back till the performance rights are approved in the next AGM, which is still a month away.
This is just speculative buying due to performance rights announcement. In the buy back announcement it was said the company reserves the right to pull out of it at anytime depending on the companies and market conditions. IMO, they will only buy back at lower prices or to meet the 5c target if the performance rights is approved, other wise there is really no incentive to push the price in that territory.
Plus they will still need a string of decent announcements to keep the price up there.
just my opinion DYOR.
Ann: Issue of Performance Rights, page-27
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