This excerpt taken from the TBSI DEF 14A filed Oct 30, 2009.
Article 3(h) of TBS-Irelands articles of association provides that any ordinary share which TBS-Ireland has acquired or agreed to acquire shall be deemed to be a redeemable share. Accordingly, for Irish law purposes, the repurchase of ordinary shares by TBS-Ireland will technically be effected as a redemption of those shares as described below under Repurchases and Redemptions by TBS-Ireland. If the articles of association of TBS-Ireland did not contain Article 3(h), repurchases by TBS-Ireland would be subject to many of the same rules that apply to purchases of TBS-Ireland shares by subsidiaries described below under Purchases by Subsidiaries of TBS-Ireland, including the shareholder approval requirements described below and the requirement that any on-market purchases be effected on a recognized stock exchange. Except
where otherwise noted, when we refer elsewhere in this proxy statement to repurchasing or buying back TBS-Ireland Class A or Class B ordinary shares, we are referring to the redemption of ordinary shares by TBS-Ireland pursuant to Article 3(h) of the articles of association or the purchase of TBS-Ireland ordinary shares by a subsidiary of TBS-Ireland, in each case in accordance with the TBS-Ireland articles of association and Irish law as described below.