"After all, the company has said that the reason for the buyback is part of a capital management program"
Could it be, as someone wrote sometime ago, that by removing about 10% of the total number of shares on issue, it would give the three biggest holders undisputed control of the company and then move on to an MBO ?? Don't forget that once they will reach 50% plus one share of the total votes, and that is quite possible and on the card, the rest becomes irrelevant.
I am only repeating what someone else said, and I am starting to wonder if that is the case, or not.
If they were to buy on market it would push the sp up dramatically, but if they are going to do a Buy-Back, they can buy a little at the time, and at the lowest possible price without raising any suspicions.
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