I am sure it has to do with the major shareholder, Shagang that has 47% of issued shares - they probably don't want to get to 50% as it would mean consolidating accounts of Grange, so they would have to sell into the buy-back to maintain their percentage. So there's no real benefit for them except for the sale proceeds, so it probably will never happen.
So if you do a 10% buy-back, maybe 5% will come from Shagang and 5%(58mil shares) from other shareholders.
Time for a buy-back?, page-2
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