pre open notice received ?, page-17

"I hope so Slats, he has made over $4m profit so far on this lot buying back at $3.19 after issuing them at $3.80"

That sounds a lot like short selling doesn't it? Are you suggesting the buyback is all about shorting themselves for a small cash profit?

What's interesting is that they find it significantly undervalued at up to $3.49, but not at $3.80 where they are happy to issue more. That's just an 8% difference, and much of that would be eaten up by transaction costs. Even at $3.30 its hardly a screaming bargain - though I guess a short term trader might be happy to take a quick profit.

IMO another explanation still needed for the buyback. One that acknowledges its expensive and risky - not likely to be for arbitrage profits or to punish non-believers.