The market expected that the RCPS would not be converted - they...

The market expected that the RCPS would not be converted - they were.
Mgmt tried to set the expectation the court case lacked merit - it clearly didn't.
By making an out-of-the-blue buyback ANN on 28/8 (to tactically deflect from the court loss) mgmt set an expectation that buy backs would begin quickly - they don't seem to have.
Mgmt being completely out of sync with expectations isn't going to help develop the positive sentiment required to sustain a higher SP in the medium or long term - regardless of whether 4% of shares are taken out of play.