option price discount, page-15

I think a late push would be viewed cynically by the market and the shares would drop quickly afterwards. They could use the newly raised money to extend the buyback straight away, but that would look strange too. There's also a limit to how quickly they can push them up with rule 7.33 (although up to 10c is possible even with that in a week).

Yesterday the buyback was 95% of the daily volume, so they haven't gone away but I think this is the direct result of not defending around $1.05 when they had the chance.