Just wondering if anyone knows the legislation behind company buy backs. I noticed a company was able to buy back 10% of its share ON MARKET without holding a meeting and gaining share holders approval. However when extending that buy back to another 10% they got share holders approval.
Was this out of courtesy or is there some rule or limit to how much they can buy back without holding a meeting and votes.
The company in question is CGF
Thanks in advance to anyone who knows about this legal stuff.
I think it has something to do with the corporations act section 257 C/B
