It looks to me that they are targeting around 20% of the trading...

It looks to me that they are targeting around 20% of the trading volume for the buyback. Enough to slowly accumulate without pushing the price too high too quickly. I am myself a recent buyer of stock and its taken time due to the illiquidity. I don't see them being able to purchase enough for it to be the main mechanism of returning capital to shareholders.

Curious to me why they went with a 1:30 share consolidation when in the 2019 report they talked about a 1:10 which would have made more sense.

Whatever way i look at this business it seems to be priced under its value. The market doesn't seem to place much value on these types of smaller manufacturing industrials (other examples are KOV & BIS) but CAA seems particularly discounted.

The key thing for profitability seems to be the extrusion plants operating with efficiency and capacity. They seem to have steadily progressed this over the last 10 years and now are operating from a stronger cost base. The return of lower cost imports is the main risk but I don't see that as politically viable. Australia needs a manufacturing base and that includes Aluminium extrusion.

The historical tax losses are a positive for me. They could acquire a distributor or competitor and use the losses to avoid income tax on the acquired business. It helps them cashflow growth if they see an opportunity amongst their 4 or 5 competitors.