RE:RE:You've all been had.No conspiracy or real maliciousness that I can see. Especially now that the share price is about $1 lower than that bought deal, these institutions that bought got screwed if they weren't able to unload them over time... true if they made a ~4% commission they could afford to sell it a bit cheaper to lighten up as necessary.
Bought Deal means all the shares were essentially blocked off and approved to be bought by the syndicate to then be sold by the participants in whatever way they see fit. https://www.investopedia.com/terms/b/boughtdeal.asp
This allows to reduce volatility - like a private placement, sometimes off market because the size of a deal would jerk the market around more than if they bought in open market. ie. if an owner/insider dumped 100,000 of 500,000 shares on the open market it would kill the stock and likely trigger some sort of failsafe. So, sometimes they will find a willing buyer and offer the whole thing at a discount (aka a private placement).
Note: "
the Corporation and the syndicate of underwriters co-led by National Bank Financial Inc., CIBC World Markets Inc., Scotia Capital Inc. and BMO Nesbitt Burns Inc."
Link of the original Bought Deal (increased) from January 16, 2014
https://canexus.ca/investors/news-releases#/press-releases/canexus-corporation-announces-increase-to-bought-d-tsx-cus-201401160922562001
Another point the user made was about doing a share offering overnight. I'm not sure about exact timing, but a share offering could occur relatively quickly if a shelf prospectus if filed ahead of time, but I think corporations tend to file these - just like how companies file a Normal Course Issuer Bid (NCIB) which allows them to do market share purchases.
https://www.osc.gov.on.ca/en/Companies_prospectus-offerings_index.htm
"
Shelf prospectus
The required disclosure for a base shelf prospectus is essentially the same as for a short-form prospectus, modified in accordance with National Instrument 44-102 Shelf Distributions.
Certain information relating to the details of a particular offering may be omitted from a base shelf prospectus, provided it is included in a supplementary document (referred to as a shelf supplement) that is filed and delivered when the actual distribution of securities occurs.
Once approved, the base shelf prospectus allows companies to access the capital markets quickly. They do so by filing a shelf supplement for a specific offering of securities, which is typically not reviewed by regulators.
For more information:
"