share buyback. how does it work?, page-8

"The company's price dropped over 30c in the month beforehand"

Don't forget to take account of the .12cent per share pre-consolidation capital return which came straight of the sp when the shares traded ex capital return on the 20th May 2011.
That equates to $1.20 per share post consolidation that has gone from the company into the hands of shareholders.