NAG Chart, page-567

When you are a major shareholder (MSH) in a Company, as Cairnglen has been at NAGs, then you are often in a position of being able to obtain shares at a discount to market, say 15% to maybe 20% below SP ... and obtain large volumes as well. This is a common way for small co's to raise capital and a good deal for both the co & the major shareholder.

NAGs is no longer a co which needs to raise funds, option conversions will meet any future cash raising needs. This means, NAGs no longer puts Cairnglen in a privilege position o f being able to buy discounted shares. The comparative advantage has been lost, so that is logical reason Cairnglen would offload NAGs in order to move funds to a new Co, where he can access discounts to market, as a MSH, the very thing he just lost a NAGs.

None of this applies to the average shareholder but it is probably a major factor for Cairnglen, easy & quick profits via Share Purchase Plans, and maybe gives a feeling of power & prestige to boot! This would explain Cairnglen selling. Makes sense to me but just my opnion.