Good questions. While we know PN was behind the buying, we don't know what CP's strategy is.
I don't think the board gave a continental about the immediate effect on the SP. They were only concerned with saving themselves. It is still a good deal for the instos, they got their 10% at 8.5c. They are 20% in the money as we currently stand.
CR was merely incidental to the issuing of a 10% protective buffer to shield them from a successful spill.
I notice they've been exceedingly quiet about the "purported requisition". I would have thought by now that the company's general counsel would have had a chance to consider it and advise whether it was compliant or not.
CTP Price at posting:
52.5¢ Sentiment: Hold Disclosure: Held
