no one trusts or believes you peter, page-48

Tooluck,
A buy back increases the value of outstanding shares. No-one is disputing this happens. However BTA doesn't have a problem with the value of it's shares.

BTA has a problem with it's management. Pure and simple.

The reason the share price is low (arguably lower than BTA's intrinsic value) is that BTA management can not be trusted to make decisions that benefit the shareholder, instead of themselves. That's what has driven the share price down, not the "value" of the shares.