Ann: Temporary Suspension In Buy-Back Of Ordinary Shares, page-29

Well the cynic in tells me he and his directors want to take enough of a share of the company so they will not be susceptible to an activist fund trying to liquidate the it. These guys have jobs for life whether the fund is making money or not. They have already told Sandhurst to get nicked.

And why not buy into the fund at the cheapest possible price by removing any buying competition.

And for those who think the main reason for the BB was to buy cheap company shares at a 20% discount, they are wrong. It's main purpose was to close the persistent NTA gap. What better way to close the gap than to have directors competing in conjunction with the BB to move the SP to close the NTA gap. Their job is to find undervalued companies not create undervalued companies to invest in!