SPH, a 10 year-dividend achiever, might as well shout from the hilltops that they don't think their price can go much higher; it seems they think that if they can unload these share on the public, then so much the better.
SPH basically said that it was going to pay down debt with the money raised from the sale of the stock. So what they're doing is watering down the stock (diluting per share earnings) in a maneuver known as "Robbing Peter to Pay Paul" method of accounting.
You've got to admit, it is a great strategy from the perspective of the company with overvalued shares, but current shareholders are getting the shaft.
In a May 5th article, I pointed out that SPH was at a relatively high price and should be considered for selling, the recent issuance of shares is the final nail in that coffin.
Disclosure: No positions