I believe (not 100%) that you need approval to buy back...

  1. 447 Posts.
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    I believe (not 100%) that you need approval to buy back securities to cancel them. The Stokes family is quite astute and so bought at a very advantageous price and still hold those securities as as a great source of income (fully franked). A nice buffer from the day to day fluctuations of the share market and the need to pay dividends on ordinary shares.
 
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