The rules are here....

The rules are here.

http://asic.gov.au/for-business/running-a-company/shares/share-buy-backs/

I think that a buy back would strengthen the company and allow those shareholders who want to leave to give their collective rewards to those who stayed. I don't think OEL need to provide a figure for the buy back. Just go to the market whenever the share price is low and take out the weak holders. Say at 2 cents and don't be generous. This is not to help out traders.

I understand that they want to preserve cash, but this is an opportunity that comes once a life time. They would do better using their funds to manage capital rather than risk it in the ground in the current sentiment.

Success from capital management is guaranteed. In fact, they could buy back the whole company for half their cash holding leaving the last holder very wealthy. (That can not happen, but get the picture even if half the shares could be brought back and cancelled)

Cheers all,