But there are such a low number of shares on issue that I don't...

But there are such a low number of shares on issue that I don't think reducing the number is the priority. I think increasing the actual share price is what they want.

Buying and then cancelling shares at a lower price technically increases the overall market cap of the company but buying shares on market at a higher price can have the double effect of literally increasing the share price as they are bought followed by indirectly increasing the overall market cap as the shares are cancelled. Win / win.