They are buying back all the shares they can under ASX listing rule 7.33. If you read the last announcement you will see that the maximum price they could pay yesterday is 42.58c. There is a limit to how much they can buy without pushing the share price above the maximum allowable price. This is all based on listing rule 7.33 which states that "A company may only buy back shares under an on-market buy- back at a price which is not more than 5% above the average of the market price for securities in that class. The average is calculated over the last 5 days on which sales in the shares were recorded before the day on which the purchase under the buy- back was made."
Unfortunately it is going to be a very protracted buy back given the current level of trading liquidity in the stock.
SWM Price at posting:
41.5¢ Sentiment: None Disclosure: Held
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