Ann: Notice of Extraordinary General Meeting/Proxy Form, page-11

Re: “There weren't any trades at 1.585-1.60. The closing auction is always like that to jump the queue.”
I understand how auctions work and have watched the CDD closing auctions recently. There is normally very little volume matched. Yesterdays auction, if it proceeded would have matched close to 1 mil shares, huge and very unusual for CDD.

Re: “I would say there aren't that many pension funds that would be jumping into this, the bulk of Australian super savings is accumulation. ”
Who do you think participates in the off market bank buy backs? Only entities with very low tax rates to make the most of the franking credits.

Anyhow, the market has spoken, and the price is up!