$40mil buy back at $1.10 current sp $0.85, page-8

If we assume that, say, 80% of holders want the cash and will accept the buy-back, then 75% of each application will be filled (making 60% of shares being bought back overall). If the remaining shares trade at 60 cents X-buy-back (as they did before the latest move to return cash to share holders---an arbitrary figure but not unreasonable) then the current value of the shares is 0.75*110 + 0.25*60 = 97.5 cps.
If every shareholder wants to accept the buyback then acceptances will be scaled back to 60% making the current value 0.6*110 + 0.4*60 = 90 cps. Obviously with different assumptions as to X-buy-back price one would come up with slightly different values but I think the share price should be supported in the low 90s.

I having being following (and trading) this stock for some time and bought today at 85 pre-announcement and at 90 afterwards.