Doesn't it make sense for AC to allow the price to slowly drift...

Doesn't it make sense for AC to allow the price to slowly drift upwards (you figure out the ways they can do that) to position themselves for wholesale disposal at the right time?

Forcing the purchase of the 5% at low prices in one hit may preclude driving up the sp in the interim.

I don't know if it's done a lot out there but I guess you can legitimately make a company's books say you're doing badly by crystallizing losses or looking good by fancy financial footwork so with the right timing the sp will follow what's being done with the accounts.