Agree the buyback in April was humming along at 250k shares per...

Agree the buyback in April was humming along at 250k shares per day - now down to 20-50k. Either liqudity has dried up or they are waiting for the valuation report and aim to mop up big time with the off market buyback.

The offmarket buyback is to be via a tender - so presumably aimed at driving a lower price than "true" discounted value increasing "underlying value" for those that dont sell. However other things being equal you'd expect a valuation report to increase the actual price demanded by sellers to something closer to "underlying value" - reducing the value gain to those that stay in.