Taking profits and rebalancing I think.
They will keep a substantial position.
At least we know why there was downward pressure on the quoted values (not that it makes any difference to me - I am so unbelievably lazy and never sell so the gyrations in market cap mean little most of the time).
If they are coming to the end of their selling, one might expect to see some upward movement in SP.
And given Sky are assessing investment opportunities, the stronger the SP the better. Especially if we find an asset we want to buy that requires payment in:
- Cash money in the bank; and
- Cash from borriwings; and
- SKT shares
For the latter part, we want to give away as little equity as possible for maximum value received. And obviously a higher market value helps with that.
(20min delay)