This is interesting.Despite the mistake in the number of shares...

This is interesting.

Despite the mistake in the number of shares held previous, percentage is right, this holding of CP is now large enough to be a blocking stake as AAR can not vote on the take over.

I am sure CP is aware of his position and its relevance to this TO should he choose to exercise his power. Now AAR holders are going to say that he has already shown his hand on what he would prefer, and that may be so however, if we consider;

- He probably has a recourse to get his MXR shares back if he chooses, similar to BCN

- He would have a clause to get any higher price that AAR pays for the shares he has already transferred to AAR.

- He now has a blocking stake for the TO which allows him to strong arm AAR into paying a higher price if he chooses without BCN's assistance. Especially considering AAR's options are poor without MXR's ground and water. I'm sure he understands how important this TO is to AAR!! This could now allow him to gain an even larger holding of the AAR entity going forward if the TO proceeds. And why wouldn't he take this opportunity?

- I assume that CP is a shrewd operator and he is not doing this out of pure benevolence, hence the motivation to make this work for him. This is pivotal considering he is increasing his position in MXR, obviously this is where the value lies for CP. I suppose that we can not be sure if he is buying AAR but there is no announcements to show that he is.

Subsequently, the plot thickens, will CP use his blocking stake to now increase his holding in AAR should the TO proceed, thus aligning himself with MXR shareholders in the event that this TO does indeed proceed? Either way, AAR is not in the best position at the moment and they are going to have to substantially sweeten the deal to get all the cards to fall their way! Get out the popcorn.