Not advice.

Subject to matters below, there isn’t any minimum daily volume required to be able to buy back shares. Nor any % limit. The most important relevant factor is that ASIC considers it must be in the “ordinary course of trading” which explicitly excludes crossings. Within that, the broker can do what it likes, subject to HUMM’s guidance and subject to there being genuine sale orders available to match. The other crucial point is that the broker must not do anything to risk price manipulation. My guess is that the broker would tend to err on the side of caution, to ensure that buyback demand on any day does not “disturb” the genuine market price that would otherwise prevail between independent buyers and sellers.

The two main ASX listing rules re on- market buy backs are 7.29 and 7.33

7.33 explains the max daily prices at which buybacks can occur.

7.29 Company may only buy shares under an on-market buy-back if transactions in the company’s shares were recorded on ASX on at least 5 days in the 3 months before it buys back the shares (which HUMM has clearly satisfied)

Hum’s announcement said “Buybackup to $10m worth of ordinary shares

The buy-back will beconducted in the ordinary course of trading and at the Company's discretion. The timing of any trades will depend on hummgroup’s prevailing share price, market conditions, tradingvolumes and other relevant factors”.

The matter of “trading volumes” is likely to be an unofficial guide between HUMM and the broker for instructions on what the broker can do, subject to being bound by the law and listing rules.

Market Supervision ASICUpdate Issue 60 “In the ordinary course oftrading” means trading in strict order of price–time priority, with indifference as to the identity of counterparties and no pre- agreements or selection of counterparties. Special crossings and crossings outside of trading hours are expressly excluded from being 'on-market' transactions and ASIC does not consider that special crossings and crossings outside of trading hours are ‘in the ordinary course of trading’.