It looks like they "cleared the books" of all companies that Ionic owned up to this point, in anticipation of a listing on the Toronto, Canada venture stock exchange. Ionic will be a publicly traded company soon, so that they will be closer to more "capital".
The real question is, who bought the shares they held? Peter Armitage, Executive Chairman and CFO, stated in his Chairman's address that the shares of all companies that they owned were sold at prices significantly above current quotes. I wonder if a "backdoor" sale occurred to someone like Robert Friedland or Zhao Bai Jiang. At any rate, they cleared all companies that they owned up to this point in preparation of their direct listing in Toronto.
CNQ General Discussion, page-168
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