I think it is progressive until the buy back the 45 million odd shares, I'm not sure they set an end date but will no doubt do it at the lower end of the SP (if possible). The Crescent break even is about 1.44 from memory and in my view they will be looking for a return closer to $2. In the meantime @croasianis spot on, Crescent could not care what the SP is.
Ann: Daily share buy-back notice - Appendix 3E, page-64
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