TTC,I respect your view, but I've seen many examples where it...

TTC,

I respect your view, but I've seen many examples where it has not worked.

Just to throw out another argument.

In the announcement they said this:
"shareholders who wish to exit the register by improving liquidity"

Could management actually increase the base rather than decrease it? - ie. share split it, thus getting more people interested in the company? We've seen stocks like BLY consolidate and the share price fall dramatically, I do realise that is different, but it has similarities.

...and, won't the share price lag, continue after the share buy-back has finished?

I think a special dividend or even a guaranteed level of dividend into the next year could have worked better. ie. 10% yield.

Regards
Pep