but that would mean EE did not expect any SP raise anytime soon ... (from the first PP to the last) . and he was right.

Well no, I see another way:

1) He's doing this before it does move

2) They're not doing 1 big PP..no waste, they are going at this only with what they need.

Most importantly

3) Ernesto knows he will make money on all of it. The only way to get rid of 210 million shares....