You have to realize how this will play out. While the buyback is reducing the actual share count very little (280M) it is taking a huge bite out of the float (the amount SNDA/Chen) doesn't own.
There is only about 60M shares in the float. WIth 60M dollars left (40M spent so far average cost around 3.50 a share) they could knock it down to 40M.
My guess is they want to buy it back at IPO pricing to remove any doubts whether they scammed US investors. Chen will take both companies public again when the time it right, and he won't want
any negative overhang from GAME's IPO (well, anymore then there is already).
But to do this he will need the float as low as possible, meaning one more year and at least one more 100M share buyback. At some point the buyback will cause a major spike in the price, but who knows where that point it. I was thinking it would have ocurred already.
As long as the share price stays low they have little incentive to do anything other than just keep buying. Only when a spike ocurrs will a buyback happen.