Off market share buy back, page-33

In regard to off market buy backs and this applies to most ASX companies is why boards do not buy back their stock when the SP is trading well below break up value?....they almost always tend to do them in boom times when the share price is trading at a premium. I remember iron play CFE which has been smashed due to poor management decisions buying its stock at the top of the market 5 years ago - for me that was the time to sell up
In the case of MGX I would rather see franked dividends as they are making money