Hard to make sense, page-9

Interesting, I presumed that customers would be a bit more sticky than that but if if the process is as you describe it then its a definite avoid for me too. My instinct has been to stay away as I have no analytical advantage in software. There are too many unanswerable questions about the business model, and future earnings for me, without a solid industry knowledge, to take the risk. Your point about the "directors having doubts about the sizing of the business" confirm why the buy-back isn't linked to value, which for me makes it a pointless exercise.