In any event, why didn't sainsbury's take what they plan to purchase in the market? Not sure how many shares they plan to buy back, but just seems strange.
Why would they do the placement at such a discount? And, as Sainsbury’s are doing their own but my backs, why didn’t they just buy the lot at that price rather than pay more in the market?
The SP did drop once the special divi was announced. The cut off date should have been the date of the RNS, which would have stopped the SP falling, like a normal divi.
If the II’s knew the deal was done at 30p, it would make sense for them to have bought in the market up to 30p. This would have pushed the so close to 30p and it hasn’t.