higher on the tsx, page-16

Just because Arima quit as a director doesn't mean he is selling ... if he was I would be concerned. A director quitting then selling his shares wouldn't exactly inspire confidence in the company, after all he knows a lot more about whats happening than any of us.

The volume doesn't suggest any any one with a large holding is selling. Other coal companies, and resource companies, are off their highs and as CPL is only sitting on a pile of dirt/coal with a long way to go until they start producing it stands to reason that the price has gone down a bit along with the sector.
CPL have a lot of shares on issue now and traders are moving in and out of the company as they take profits or their stops are hit.

Long term nothings changed for the worse so for the ones who have bought in with a long term view it's just a matter of riding it out through the weak periods.