Target $18.72, page-83

Seven Group Holdings was conducting an off-market buyback of Boral while I was a holder of Boral.

With an off-market buyback I believe there won't be daily limitations to how many shares the company can buy back, it can't be enforced, unlike with an on-market buyback which is subject to market manipulation laws. They essentially issue an off-market buyback form that holders submit, and the sale is executed without any brokerage fees. This is the major incentive for sellers on top of any premium that may be offered to the current share price, which is usually in the region of 5% from my experience. I am unfamiliar on how the franking credits available to WHC will impact this but it seems to be beneficial.

Seven Group updated its maximum buy price for Boral several times during the buyback, they acquired a high percentage of Boral over a small period of time. With WHC, I think acquiring the 250M shares in 12 months will not be possible and will likely run into late 2024. The only way it could work is if WHC could average all of these share buybacks at $12 and use 90%+ of its NPAT to carry out the purchase. SP is rising fast, and this may prove to be a challenge, but even if they manage to do it in 18-24 months it is still an incredible feat.