Value8 time for a share repurchase ?

Value8 recently sold its shares in HeadFirst Source Group which in total brought in EUR 27m. What could it do with the cash? Let's consider a major share repurchase:

Before share repurchase:

10,7m common shares and 218k C shares (ISIN NL0009875483).

Equity EUR 84,4m 

Book value per share: EUR 84,4m/10,7m = EUR 7,9 per share book value

Market Price per share EUR 5,3

Cash more than EUR 25m

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After EUR 25m buyback @ EUR 5,5 per share

Shares bought = EUR 25m/ EUR 5,5 per share = 4,5m fewer shares

Remaining shares: 10,7m - 4,5m = 6,2m shares outstanding

Equity remaining = Equity before EUR 84,4m - Repurchase amount EUR 25m = EUR 59,4m

New "after" book value per share = EUR 59,4m equity / 6,2m shares = EUR 9,6 per share

An increase of roughly 20%.

Issue: Peter Paul de Vries currently owns 29,9% of shares and his holding would increase to 52% of shares outstanding. I am not sure about the legal consequences of that increase.

PS: Value8 press release: "Value8 koopt cumprefs in 
SEPTEMBER 17, 2018
Value8 deelt mede dat zij 51.776 cumulatief preferente aandelen Value8 (“cumprefs”) heeft gekocht tegen een prijs van 25 euro. Hiermee is een bedrag gemoeid van 1,3 miljoen euro. Deze stap wordt gezet in het kader van de optimalisering van de vermogensverhoudingen."
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