Sorry for double post.
Small correction:
...CLL share price shows strong support at ~95 cents...
Another interesting development:
Last week West Face Capital was granted (by Alberta Security Commission) a permission to communicate and seek a support from up to 15 Connacher shareholders.
As per ASC, West Face is allowed (on the next shareholders meeting) to present the resolutions including a new composition of the CLL board of directors.
The question is: will they get a support of majority shareholders to advance their agenda. They own about 10.6% of the shares (they claim a support of 11.7% shareholders). Total institutional is only 22%.
Another question is: what's on their agenda?
WFC owns big stake in Connacher debt which pays them 8.5 % interest. IMO they will not rush CLL small Board of Directors (5 persons - only 2 independent) to sell the company while they enjoy high interest payments. As oppose to individual investor status quo is a win win situation for WFC.
