Ann: Notice of Annual General Meeting/Proxy Form, page-7

Glad you say this...these are exactly my sentiments. 

If the share price is so ridiculously low, why is BRL management not buying more aggressively while they still can?  Why this softly softly approach?  Even now, after 5 million shares in just under a month, they have spent a grand total of $567,234...which is the cash flow of about 2 days at this year's EBITDA.  It is almost like an insult...you minority investors have been protesting loudly, so here is a 2 day bone for you.  If all the comments given in this forum are so gung ho about how cheap the shares are and the flood of cash flow coming at us...well, either the management does not care or they do not believe in the cash flow.  In fact, they have been doing their best to reduce our cash flow with their "hedging" at so far lower prices than what we would have got otherwise.  

Yesterday, there were 1.5 million shares on offer at 13 cents...and we traded an outrageous number of shares...246,337 shares.  In other words, BRL could not be bothered to hit the offer and lift 1.5 million shares...they probably bought about 200,000 shares at 12.5 cents.  Why this Uncle Scrooge behavior in buying shares at the bottom of the market range?  

One can't help but feel that BRL management is trying their hardest not to spend money in service of the minority shareholders.  Performance shares...does that mean the aggressive buying is reserved for only AFTER they have extracted their pound of flesh from their Singapore investors (coz we don't want to give such shares to this management for doing such a lousy job) and will only buy it after they get their "performance" shares?  And if they don't get their shares...they will spend the cash on higher management salaries/bonuses instead of dividends/buybacks?  

I am throwing out all these hypotheses not necessarily because I believe them, but because once you exhaust all the plausible answers, you need to think the impossible...and the corporate governance in BRL is easily the worst in the Anglo Saxon universe.