I don't think you fully understand the effectiveness of shares...

I don't think you fully understand the effectiveness of shares buy back ( protecting shareholders value - in short to middle term in volatile market conditions) if it is done prudently and professionally.
First it is over 9 to 12 months duration and it is bought intermittently "when" and "as" required to frustrate the parasites, not in a single or several sugar hits. (it can be open ended and can be cancelled or scaled back anytime if required)
Secondly, it is actually increase shareholders value by buying the shares back cheaply (or vastly undervalue at the current depressed price) and reducing the the shares on issue, thereby increasing shareholders take in future earnings/ dividend due to lesser shares on issue.