when the buy back started there was much optimism, they were...

when the buy back started there was much optimism, they were going to snaffle up shares that were so undervalued that it was a compelling use of capital. In fact learned and respected posters, were howling for the share price to drop so that even more shares might be bought. Anyone who took a contrary position was ridiculed as being completely unaware of the principles of a buy back.
Just shy of three months on where are we?
Learned academics are backtracking to a new narrative, ie oh wait maybe the reason this buyback is fizzling out is because we need all the funds we can get for operational matters. Duh, great management foresight there if that is the case

I have a suspicion however that this buy back was put in place to placate.

We want to grow our operations, grow in scale, push forward on all fronts...... we don't want to blow the price of another Juanita on a meaningless buy back. Which. let's face it, and no one seems honest enough to admit it, ... it is.

We fired the starting gun at just over 5bn shares, we've piddled around for almost three months and we still have mega shares on issue,
As I said previously, I do not rate this buy back as management's finest financial foray.

I've already got my tin hat on so fire away.