higher on the tsx, page-5

Any party interested in buying CPL has to deal first with Colin Steyn. He is Highland/Borrowdale. He controls the 19 plus per cent. Without his stake in their pocket any bid becomes costly, hostile and uncertain.
Personally I don't think an early stage sale to a major is the only way this could go. I get the sense that Steyn and the Canadians are increasing their control and influence. Arima had nothing to add to the development of the assets and has gone. It wouldn't surprise me if Steyn or Turcotte replaces Middlemas as chairman down the track.
Guys like Steyn think big and I'm hoping he does with CPL what he did with LionOre. Maybe take CPL to one of the top two or three producers in America. Make CPL something Peabody can't ignore. It would mean waiting five years to a decade before I cash out but it would be at a lot more than $4.50 a share.
I don't a clue what's in the mind of these guys and maybe they just want to flip their investment for a fast profit but either way current holders will make money. It's simply a question of how much.