Ann: 2018 AGM - Chairman's Presentation, page-8

That BAF buy back always seemed extremely dodgy to me - like it was a way to stick the middle finger out to the shorters when all this was going down. They started doing it way before BLA completed its independent asset valuation review which could have caused unknown damage to BAF's NTA. Of course it didn't (independent and all..), but how anyone could sit there at the time and say "we will buy back shares because we are under our NTA" is farcical. As far as I understand they marked their holdings to the same marks as BLA, which were being reviewed.