You asked for a possible scenario...here is one posibility:

Supporters of Freewest want a better deal and to provide ammo for this, they short Noront to exaggerate the 4-1 ratio the other way so that it is harder for Noront to convince Freewest shareholder to do the deal. With the low Noront SP, it becomes very hard to do this deal. Just another tactic in the old bag of tricks.

Just one of many possibilities but one that was already on my mind before you asked.

Glorieux