When looking through the ASX announcements section of the Microequities Asset Management Group Ltd (MAM) website, I noticed in the latest " Notification of buy-back - MAM " announcement in section 4.7 that there is a listing rule 7.33 which states there is a highest price allowed to be paid during the buy back.
The rule states:
"A company may only buy back shares under an on-market buy- back at a price which is not more than 5% above the average of the market price for securities in that class. The average is calculated over the last 5 days on which sales in the shares were recorded before the day on which the purchase under the buy-back was made."
My query; what does the bold section relate to?