Ann: Dividend Reinvestment Plan - Pricing of New Securities, page-4

Nothing weird here, the fact the buyback program has increased price and affected the DRP is just routine business, imo negligible and incidental.  The increased price is also offset by the fact that buybacks are adding value per share.

Do you think they shouldn't offer a DRP because they have a buyback program?  Investors don't have to participate, so there's no forced disadvantage.  Also, there's no guarantee price would be materially lower without the buyback.  Some other fund could have been more aggressive in the absence of CAJ buying. 

 

The opposite perspective also doesn't make sense; that they shouldn't initiate a buyback because they envisage a DRP in future.  Both activities are generally good for investors, whether concurrent or not.