Buy backs, page-31

please show me im wrong
There's no constraint on Beacon doing an on-market buyback at current prices save for the on-market 10% Corporations Act rule [ 10% of issued capital in 12 months] and ASX listing rules requiring any purchase to be no more than 105% of the 5-day VWAP. The latter does impede somewhat the process given that 2.8 cents is 7.7% higher than 2.6 cents. And, yes, a 10 for 1 consolidation does make buy back price increments of 1 cent so easy.
But there is also the possibility of an off-market buy-back. Beacon could obtain shareholder approval to do a jumbo buyback of say 20% of its capital at say a 25% premium to its current price ie 750m BCN at say 3.5 cents . I suspect this holds more appeal as the proposal can be made conditional on achieving minimum acceptance of say 300m BCN shares.