RE:Marquard & Bahls dispositionno reason why CIBC would be mentioned as the purchase did not make them an insider. The closing balance would seem to refer to the shares left and still held by M&B . Seems to suggest some shares held by M&B are in derivative form ie option , warrant , convertible or like , while last sentence in effect says that M&B may or may not exercise these derivatives so do not take their exercise as a fact.