With a buyback that is for less than 10% of the shares on issue in a 12 month period you do not need an EGM.
The one proposed is an equal access buyback of greater than 10%. Therefore, it needs to be put to an EGM. Probably the same EGM as for the sale approval. You could end up with a really concentrated ownership if the sp is low and enough people accepted the offer. You could end up with a few people owning the company and remaining cash. It could be so concentrated it may not be able to remain listed.
Cheers
VOR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
