The way the buy back is going to happen for Caltex [As show in the image bellow from ref]. It does not make sense for retail investor.
Caltex is going to take the volume weighted average price of 5 days[4th to 8th April] on asx. Then that will be kept as the base buy back price, and they expect the investor to give them shares at a discount !! Rubbish..
Caltex is providing institutional invest to exit, for small investor it’s no brainer. ( you can sell your share in market at $36 and company want to buy back from you at 30, what ! why would you not go to market and sell)
There is usually premium, if company want to do buy back, which is good as you get premium to market price.
Except big guys who can’t exit ( if one have 10 million share, and if he try selling, the stock price would crash), thus this is good opportunity for them.. that's it.