Ann: Request for Trading Halt , page-16

Leaving the cents aside for fair value the moment.

CP is not in my opinion going to make a TO offer for CTP.

Why would he?.

All he has to do is to serve his own s249D notice and try and get at least one dircetor onto the board.

That director would have total access to all information, after about 6 months (min) he is fully apprasied of the situation and then can make an offer.

In the mean time he lets the board do as they want until they need to go back to the market for a CR. at that time he will make a move.

OIMHO.

CB