i would imagine that because they can only buy at say 10% less than nav then they are relying on investors selling at this price. if no one sells then they only collect the 3% or whatever they got last year. what i would like to think is that now the nav is 14p, 10% lower than that is 12.5p. and from what you have said about the 5day / 5% rule then if they keep buying then at some stage this will be reached. and if they know the conpanies they have are undervalued then they will be happy to pay this. their problem is as soon as they buy in quantity the price goes up. sometimes for an investor the best way to make money is the easiest. there is still a 1.25p difference in the price.