meaning of buy-back?

The way I see the buy back of shares in this case is not very good for minority shareholders. The directors that authorize the buy back is all in for the long-haul and not interested in the daily share price because they are not selling. They do not need the dividends and are the dividends in any case not franked. So it is in their interest to use our dividend money to buy back our shares and thereby increasing their percentage holding as less shares are on issue. Then they take their bonuses in shares and increase their holdings even more. They are already more than 70% shareholders. And because they do not pay higher dividends, the share price stay low because a share price is yield driven. So it is very clever to use your dividend money to buy your shares back instead of paying dividends that will increase the share price. They at the end buy you out with your own money and you think this is a great idea. This is like sending you to hell in such a way that you look forward to it, and will this last for a long time to our detriment. Do you think my reasoning is wrong? That is why the price do not move and they mop up the shares with the money that could have been used for dividends. No hurry needed on their side and like to keep the price low because it costs less.