Rai’s new ownership Assuming the buyback took 800k today and Rai took the balance his ownership just went from 19m shares or 72 pct to 19.4m shares le 77pct.
If I recall there is a Mandatory TSX / OSC Takeover-Bid requirement bid when an investor hits a certain ownership level. I seemed to recall it was 75 or 80 pct but will double check.
Either way whether he pays $15 or $20 or $25 on the remaining float or 5m shares doesn't make a huge difference to him as its $25m more for every extra $5. He could easily finance a take private with the cash on the balance sheet.