Ann: Appendix 3B, page-29

@craigunit "cant see arena crashing the stock when";
"its at the brink of skyrocketing come auction".
That's why it would be my interpretation strategically, Arena will be selling as the excitement comes to a head a week or so prior to auction. The results of the auction will add risk. (I understand they have seen samples of what we are offering).
No one knows, how many, if any, shares they've bought on the way up, outside of the CN to be used as a manipulation tool of SP to their advantage. It wouldn't take a whole lot, in comparison to what they may be converting and ending up with from CN.
I'm not sure if it was them pushing down SP to convert 2 & 3 in the near future or SH's selling in anticipation of the 21st thinking they can get back in after Arena sell down.
Maybe a bit if both. The SH's may just have sold too early and lose a few $ when they try to get back in and Arena have not done an immediate sell down after the 21st.
Either way I'm holding, if it goes down I'll take a few more.
Going to be interesting and educational to see how this plays out