Ann: Notification of buy-back - SWF, page-4

Doesn't look like they are issuing shares, looks like they are buying back some of the existing employee share scheme shares - at a discount to market.

So these would have been issued to staff already, who must have said "I don't want shares, I want cash" and then they agreed to sell them back to SWF at a discount and take the cash instead?

Must be a positive in there that I can't see, but if staff don't want the shares and are prepared to sell them at a discount to market it doesn't read very well. They could have taken the shares and then sold them for a better price, or even, believe that the share price is going higher and wanted to hang on?