Ann: Appendix 3C - On-market share buyback, page-50

I don't feel management cares about the share price right now.

Their top 7 shareholders are presumably happy at the turn of events as their entry point was 2 cents and they own 50% of the company.

Management keeps talking a big talk...share buy back announced Aug 27...tall words about spending $11 million. So far, not a cent has been spent and a quarter of the year is almost over.

Very soon, they will make an excuse about black out periods and therefore not being able to buy. My cynical take is that they delayed all the buybacks and will award themselves "performance shares"...and only then start their buy back. What they forget is that if they do that, the whole world ex those top 7 shareholders will be dumping our shares and their "performance shares" will never perform. BRL will become a dead value stock as this will become the last straw of corporate governance catastrophes for a company which is already a world champion in corporate governance tragedies.