I don't think there will be a buyback. They need to use cash to get rid of the 50m in notes, which they can do in May - until then we are paying an arm and a leg in interest. They also want to reinstate the dividend and keep cash for possible investment in centres in China. While I would be Ok with a share buy back, they seem to have too many other uses for the cash.
Ann: Ceasing to be a substantial holder from AEF, page-10
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