That's a question I had too - I don't really understand it.
I wasn't around for the IPO but I participated in a capital raise in 2015 where about 63M new shares were added.
Just looked it up, the vast majority were through an institutional placement (58.8M shares) and a small share purchase plan for shareholders (4.4M).
In the recent buyback, 21.6M shares were purchased, about a third of what was issued in 2015. So are they saying the remaining 2/3rds are mostly still in the hands of institutions who don't want to sell?
Not sure why they can't just buy on-market, are they really saying that there is no one willing to sell?
Media Updates, page-13501
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