I concur the patterns suggest activities which are consistent with the intention of taking the company to private listing.
To also respond to your other concern it seems like the founder groomed his eldest son Sahba for the job for many years (presumably for succession planning) and I think it was about 5-10 years ago that Sahba also was appointed as the joint managing director - He is a qualified lawyer and for my liking he seems to have been able to steer the company quite well in tough trading conditions post GFC and the challenging times in soft property market.
With the completion of every buyback the percentage of respective interests of each share holder / institutions should not change; from the memory there were 4/5 major intos on the share registry with each holding around 5.19% or thereabouts, it seems they may have also increased their holdings to around 7%
I am not sure if this is good thing or a bad thing, the move may have been designed to thwart the company's effort from going private what puzzles me though the shares are way way under the Net Tangible Asset value despite all this. So it is highly likely that going private might be on the company's radar for sure.
As always DYOR
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