So BP's already spent nearly $1B buying back shares right? Then why have the number of ADSs outstanding increased over this "buypack" period from 3,196,307,000 to 3,207,945,000?
Investors are getting hosed pretty badly under this so called "buyback".
BP only retired BP/L shares - The idea is when the underlying value increase, the ADR will follow.
I would expect the increase in shares are from Div reinvestment, I think BP calls it "BP Scrip Dividend Program" and/or more "Shorts" are adding shares in the market.
Went short? Don't they issue shares for dividends and stock options and the buyback eventually lowers the outstanding?