"By having the DRP fully underwritten, the board knows that the shareholder base will increase after the special dividend. By adding the number of institutional shareholders in the share register, the board is effectively trying to make the stock more liquid and more covered by the analysts."
I think its a well-known, well-loved stock already; I don't think they worry too much about liquidity in the trade of the stock.
On the other hand, this point of yours is something that I had never thought of:
"My guess for the real reason for ARB board declaring special dividend is to facilitate Roger Brown, Andrew Brown and John Forsyth in selling some of their shareholdings."
That's a very interesting observation, I must say.
Ann: Half Yearly Report and Accounts, page-16
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