Ann: Announcement of buy-back - Appendix 3C, page-5

Possibly - another tangent would be that if any transaction was to be greatly value accretive then reducing the number of currently undervalued shares would give rise to a greater multiple of value for existing holders post transformation transaction.

Hope that made sense - essentially reduce the number of shares whilst they are undervalue in order to maximise any benefit of a transaction.

Having said that - if they plan on making an acquisition in the short term, a buyback to reduce the number of shares is essentially useless, unless they intend to go bonkers with the buying straight away (and have the sell side to do so).

I just hope they get something done soon.