I believe (not 100%) that you need approval to buy back...

  1. 547 Posts.
    lightbulb Created with Sketch. 64
    I believe (not 100%) that you need approval to buy back securities to cancel them. The Stokes family is quite astute and so bought at a very advantageous price and still hold those securities as as a great source of income (fully franked). A nice buffer from the day to day fluctuations of the share market and the need to pay dividends on ordinary shares.
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.