So you need 20% outstanding shares for rights plan?
Wait... so the share purchase plan being proposed right now, you need ownership of more than 20% of the outstanding shares to be a part of? That's ridiculous. Even billionnaire seymour schulich only has 5% or so.
Is it based off of ownership by street name also (i.e. your broker)? In this case, it means if you are with a small broker with less than 20% representative ownership, you don't get to have the same rights as somebody in a bigger broker? I mean, that basically means if you're with say TD as your broker, you're OK as they probably hold the most shares from retail and institutional accounts of COS, but if you're with a small time broker, you're out of luck?