The buy back is a contingency plan to take any opportunity to...

The buy back is a contingency plan to take any opportunity to reduce dilution in case market over react to the cancelled deal. They would expect to kick in at floored share price level. Obviously the share price didn't reach the floor level therefore the buy back didn't kick in. I suspect the floor level would be around 31c.

Of course when you pull off a deal like that there will be reaction from some shareholder to drop existing holding and that can floor a stock and if the company cash flow allowed then its a perfect opportunity to reduce dilution.