Ann: Quarterly Activities Report, page-5

TBR still has its Share-buy-back in place. I thought thats what was trying to keep the price around $4.00 for the last couple of months as it was regular smallish buys at particular times of the day.

Volume was 83K when it went to $10 but now is 127K and still keeping it under $4.

Personally I think it might be NST, now that Plan A (the ridiculous offer) has failed, it will buy its 19.9% - for cheap.
Is there anything in the JV that prevents NST becoming a major shareholder of TBR?

As you have said above the EKJV is its better performing asset.
And what better way to really piss off the BoD? and would get a NST fox into the TBR henhouse. 

.... or Hedley & Co

I might regret selling this as it could get interesting...