Here is Don Lindsay talking about takeovers at the end of July 2012. You can see he laments the large shareholder.

This comment reminds me of how when things turn bad everyone says, the pounds are still in the ground! In this case though it is Don Lindsay saying it so it's better:

And the issue that you have to remember is that the assets themselves haven't changed. They may be valued in the market more cheaply but they're still the same assets.

He goes on to say about major shareholders:

And then finally, even though the market price, the current bid, might be quite cheap in quite a number of these companies, they're really controlled, in terms of trying to buy them out, by 5 or 6 shareholders who own perhaps 30%, and they won't sell for the normal takeover premium of 30%, they all want 60%, 70%, 80%. So that in fact, the valuation that you can take it out for hasn't really in particular for hasn't really dropped quite as much as it might appear.

It's hard to say who he was talking about at tha time, but he sounds a little bitter. That was a couple of months after our revised RE was announced, but before the FS.

--http://agoracom.com/ir/CopperFoxMetals/forums/discussion/topics/539699-don-lindsay-teck-q2-earnings-transcript/messages/1703813