BRS have repeatedly advised shareholders to reject the TO offer...

BRS have repeatedly advised shareholders to reject the TO offer at $1.35. Plus at HY report in mid-Feb they stated they would support the SP with a buyback esp as an independent valuation (commissioned by BRS at great expense) showed BRS was worth $1.63 - $1.73.

The buyback was eligible to begin in mid march and SP rose in anticipation. Now that the buyback has not been initiated Mr Mkt has lost confidence in BRS and trust with management has been damaged. Management have failed to 'walk the talk' and the SP @ $1.15 is down 19c (14%) since mid-March and falling.

Management have produced a detailed HY report and detailed long term outlook statement/forecast right through to June 2017. But their actions are confusing the mkt and nobody is sure what will eventuate. Will they:
a) Change their mind re TO offer?
b) Refrain from starting buyback because outlook has changed?
c) Start the buyback?
d) Negotiate with major shareholders and Ferrovial for a better deal?

Its become murky and mkt loathes lack of clarity. It's an unfortunate irony that after promising shareholders transparency, BRS have produced a situation where nobody is sure what is going on or is likely to happen. We need an update re all the above matters so we can decide to stay or exit BRS. I sold half for a 1.32 average but wish I'd sold the lot when it became clear the buyback was not being carried out.