Capitulation4.26 million sold right at the close yesterday.
The only non-institutional shareholder with that amount of shares is either Prem Watsa or Francis Chou.
One or both of them is bailing.
Up until Covid, RFP was a disaster for Watsa and Chou. They were ready to throw in the towel until the miracle of all miracles occurred for the forestry industry. Covid and the resulting demand for lumber was the answer to their prayers. RFP has limited upside though. The problem for Watsa and Chou is how do they exit without selling at a large discount. The other majors, Weyhaeuser, West Fraser, Canfor, and Interfor aren't interested in all of RFP's assets like the paper, tissue and some of the pulp mills. Some of their location have legacy issues from the days of Abitibi. I bet they brought Duncan Davies in to sell some of the undesirable assets so they could be a position to sell to another major, but from this sale, it looks like their just capitulating.
All depends on who the buyer was I guess.....