As far as being effective in beating back the sellers, the threat of a 2 million share buyback looks more like a wet noodle than a baseball bat. Still it's better than nothing and is confirmation that management thinks the shares are now under priced and confirmation that they have some cash to do it with.
Yesterday I emailed the ASX, with a copy to the company, suggesting ASX should consider asking the company if they were aware of any explanation for the price fall. As one entertaining (female) political journalist is fond of saying, maybe that put a bat up their nightie, but it was probably just coincidence.
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