It's reverse dilution. I think the timing is discretionary. Though they post regular notices of the volume and price purchased recently (daily?). I believe it's at market prices.
I bought some today after this news. Too bad for management, I drove up the price of their buyback slightly.
I should do some research on this, but I expect more companies than not, rise after announcing and implementing a buyback. It may be a good investment strategy, buying companies that announce a buyback.
Ann: Finbar Announces Activation of On-Market Share Buy-Back, page-3
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