Yes, the timing is awkward. Volume is high, some people are ready to take the notes and dumb the shares in advance, apparently.
We’re not applauding at the timing of this, they could very well have done this when market sentiment was better, but perhaps they were taken by surprise and thought their numbers were good enough to keep the share price around 50 or so.
We cannot fault them for that thought, as we have always thought their numbers are good enough for a much higher share price..
However, what’s the damage, it’s a good extra million shares. So, instead of having 27.5M shares out, we have 28.5M. or so. It’s not a disaster, but in this merciless market, every small mistake is punished..
Wait till the hedgies are done is our advice.