Just to clear a few things up. The directors did indeed issue 776,381 shares to the underwriter of SNL's DRP for the 4c special dividend. The DRP was 50% underwritten for this special dividend by Taylor Collison. Presumably existing shareholders did not participate for greater than 50% of the dividend so the underwriter was obligated to take the balance and thus the issue of shares to the underwriter.
Santa didn't sell shares to the directors. The directors participated fully in the DRP and that is why shares were issued to them. Mr McKenzie was issued 313,176 shares because he is SNL's second largest shareholder and this amount equates exactly to his full participation in the DRP. When directors participate in DRPs it is usually a sign of faith shown by insiders in their company.
No fish here that I can see.
SNL Price at posting:
30.5¢ Sentiment: None Disclosure: Held
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