A company cannot withhold an on market buyback program to...

A company cannot withhold an on market buyback program to accommodate Director buying.The whole idea of having the buyback managed by an 'independent' broker is supposed to negate conflicts of interest that put one shareholder at an advantage over another which clearly would be the case. Obviously, Directors sitting on market sensitive information not released to the market are prohibited from buying until such information is released. It's all about trading an equal & informed market.