cash value sp, page-11

EXS can not buy back any of their own shares unless a formal buy back is issued, stating how many dollars worth they intend to buy back. also, buy backs have percentage limits from previous closing prices, ie EXS can not simply buy back every share on the offer...they might be able to buy up to 5% higher ( a few cents) then previous close price at best by law.

Define manipulation and then you will find your answer. Algorithmic trading is legal at this stage of the game of the game. They say it smooths and adds liquidity to share prices, but to the average holder it looks more like blatent manipulation. UMC looked very similar just before it got a bid from BHP fwiw.