PHI Group Inc (PHIL)

[KYCats]

I am not sure if the rules governing the timing of repurchasing apply for sure or when, but read this and especially the last couple lines. It specifically suggests that no buyback should be started if revenues are know and have not been released publicly (i.e. Vinafilms).

Even if a board of directors authorizes the immediate launch of a buyback program, the rules covering the timing of purchases around major developments within the company may cause the CFO to delay implementing it. "We advise the company not to conduct a program at all if there is any material inside information that the company is aware of that has not been publicly disclosed," says Jayne M. Donegan, a corporate and securities-law attorney with Brown, Rudnick, Freed & Gesmer in Providence, Rhode Island. "For example, if the company is in merger negotiations or it knows the earnings but those earnings haven't been released, the company should not be out purchasing its stock."

A lot of good info at;

https://www.journalofaccountancy.com/issues/1999/may/mccarthy.html