RE:RE:AGMShare buy back
If you look at Shell in the US they are buying back shares every day on the open market.
If BNC were to start buying back shares my expectation would be either a tender offer where anyone wanting to sell tenders to the offer or they do a market daily nible like Shell. If you do a tender they would say we are buying x shares at this price. If the takeup is more then x you get bought out pro rata. So they want 30M and receive tenders for 40M they would take 750 shares of every 1,000 offered. No big deal if you own a lot of shares but a pain for anyone with only a few thousand as you would be left with a nominal amount of shares. A better way would be to take out the small lots at 100% as to reduce the costs of sending out the anual reports.
HT