pre open notice received ?, page-23

That seems to me a semantic quibble but its the most popular post of the day, so I'll respond. I wrote:

"What's interesting is that they find it significantly undervalued at up to $3.49, but not at $3.80"

By which I mean, it doesn't seem very far from its normal trading range, does it? That applies at $3.19 too. They were issuing shares at $2.00 less than a year ago. What's changed since then that makes it so scandalously undervalued that they have to spend $20m buying back shares they only just issued?