Ann: Change in substantial holding, page-3

this is the solid endorsement - from a professional investor- which given its status as the largest shareholder must have had the benefit of additional intelligence into the present state of affairs.
What explains the delay in announcing the share purchase plan?
Lastly, why not replace the SPP with an entitlement issue of unsecured convertible notes? an issue at 20 cents and convertible at that price in say 3 years is sure to win shareholder support ..and bring in some fresh investors which will be willing to support the departure of Investec?