4.13 Buy Back of Securities

Buy-back — the company repurchasing its own shares: the return-of-capital route through the market. The discipline (the Act's rails): the sources (free reserves, the proceeds of an earlier issue, the debenture-proceeds faces); the caps (the proportion of the total paid-up capital and the ratio discipline); the approval (the special resolution authorising the class, number and price); the listed company's SEBON rules (the tender/open-market routes); the post-buy-back defaults (the capital reduction's registration faces, the extinguishing of the bought shares, the disabled re-issuewithin the statutory window); the insider-and-manipulation police. The buy-back's economics: the returning of surplus, the EPS accretion — with the creditors' and minority's cautions.