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I very much enjoyed reading Sara Cohen’s article Multiple attraction on the subject of company share buybacks and multiple completions and found it very useful.

However I have seen it suggested there are difficulties in dealing with a later completion since there is uncertainty about whether reserves will be available. We have been able to deal with that by putting some wording in the contract to allow a range of dates.

Is there any way that using a range of dates or making the purchase subject to there being reserves could affect the ability to obtain a clearance?

Jim Greenwood Leeds

Sara Cohen replies

I’m very glad you enjoyed the article. I have now managed to get clearance three times for a multiple completion buyback and each time it has been quite a...