A buy back lowers the SOI and at the present SP is very...

A buy back lowers the SOI and at the present SP is very financially accretive for the remaining shares .
A purchase by management while sending a positive signal to the Market does not reduce the SOI and is not financially accretive for the remaining shares .

The present rate of buying at 100000 per day will not go close to getting the 60 M shares they are allowed over a year and in hindsight will be seen as a lost opportunity .

Can you give me any other reason other than a management discount for why the SP is where it is ?

Big drop in the POO overnight so there will be plenty of shares tomorrow available without pushing the SP up if they want them .