Trading on Good News, page-75

I'm not as strongly against the idea as you, 618.
Share buybacks are a legitimate way for companies to invest in their own undervalued stock. Also, given our cash constraints, it's important to note the stock can be resold again later (hopefully for more).
Having said that, if I were management, I would only consider it under very specific circumstances, namely, if I thought it highly likely that a predator was going to use the temporary weakness caused by the ASX 200 exit to launch a lowball offer (regardless of the ED result). In this situation, there's no point preserving cash for drilling down the road if they think, say, a 30-cent bid hostile bid (I'm pulling a number out of the air) might succeed. The best use of shareholders cash might be to support the share price and make it more difficult for a predator to gain a foothold on the register. And remember, Gina most likely already has 4.9%.
It's all hypothetical, but if the company has credible information that a takeover is coming, it would be a legitimate defensive tactic in the current circumstances.
I really hate that this whole ASX200 exit situation has left us in this vulnerable position.
Hopefully in a few weeks it will all be behind us, regardless of the ED result.