You are wrong of course. They won't buy back any shares as the offering will be a trigger event for prohibiting them from buybacks. And it does not make sense anyway. They could just have repaid at least some of the credit line by using the money assigned to any stock repurchases. You'll be screwed anyway here.
the question is WHY did they buy back shares in the past when they already knew that they will have to issue 20 million new shares in connection with the dual listing requirements. They could have saved that money and repaid the credit line by themselves partially.