The announced amount is 500m however they need to get...

The announced amount is 500m however they need to get shareholder approval for 150 m of that due to the timing of the CR / Options exercise last year. ASX rules state that only up to 10% of the register (min over past 12 months) can be without SH approval. I suspect if they get to the maximum and the sp remains at this level they will call a meeting and continue the BB.

I would not put much store in the sophistication of the market at the micro cap end of the ASX tbh. From reading a previously posted note it looks like it is only the small investors that are selling and they could be doing so for any reason. The T20 is stable and judging from the last quarterly they have even been adding.

Ppl often refer to the market as being this mythical entity that is perfectly efficient. This is based on the view that security prices generally reflect all available information at any particular point in time.

However, there is sufficient evidence that shows that from time to time security prices become significantly mispriced relative to their intrinsic values and this results in mispricing of security values. The mispricing in security prices can occur when the market under or over reacts to news or due to the irrational behaviours of investors.

My suggestion would be to focus on your own analysis, pick over the research reports form a view and ignore the noise.