Everyone has been speculating about the institutions dumping KRY and buying into the new financing...it's possible.

I my own opinion, the threat of delisting is the more likely the primary reason...and it would make the PP the more attractive option even if the upside is less than the common shares.

Certainly the major institutional investors would have guidelines, including a requirement for stock listings on major exchanges to insure a liquid market for the shares bought or held.

Many of you will disagree pointing out that the delisting review process wasn't announced until 5 Oct. I would say that the process was initiated long before 5 Oct, and the major institutional investors would be in a position to know this.

Given the recent press release regarding TSX Continued Listing Committee meeting on Dec 5, I believe this is a relevant point.

NZranger