[For everyone new here, “Cv14” is one of out most significant contributors here. This would be a simple mistake (assuming I am right)] You posted this listing of Institutional Holdings today: http://www.stockhouse.com/bullboards/viewmessage.asp?no=14277601&t=0&all=0&TableID=0 Your post coincides with my calculations that there are about 70-80 million CCH shares that are free-trading (maybe even less). Thanks for adding this up, but I see a small error. You wrote the following: 2. Sprott Connected Funds 125 million - Sprott Securities - Brokered Placement 37.5 million - Shares from Rights Offering 10 to 3 breakdown 18.75 million - Warrants at 0.15 till 08 unless called in 07. 1.7 million addition in early Feb at 0.185. 182.95 million shares if all warrants exercised. The error is that the “125 million shares” that came with the brokered private placement (May 2006) had warrants that were part of the original purchase (I’m not talking about the Rights offering). Please refer to this press release: Campbell granted CCAA extension; raises $10-million 2006-05-29 14:45 ET - News Release Notice these words from the May press release: The company also announces the closing of the equity financing with Sprott Securities Inc. for a total amount of $10-million, as per the terms and conditions stated in the April 24, 2006, and May 10, 2006, news releases in Stockwatch. The net proceeds of the financing will be held in escrow until such conditions are met. Pursuant to the financing, the company issued 125 million special warrants to various purchasers thereof. Each special warrant is exercisable into one common share and one-half of one common share purchase warrant for no additional consideration. ================================================ In October, on the first day that the Rights started to trade, the Rights Offering was immediately halted. We then got news that they were changing the Rights plan. All shareholders, including Sprott, would now be entitled to Rights on their holdings. That’s where the 37.5 million shares and 18.75 million warrants get added in. So this change in October actually let Sprott “double dip”. They already had the half warrants from May. Take a look – don’t you agree? The Sprott private placements started out as 100 million units (shares + 1/2 warrants). In May of 2006, they “grew” it to 125 million units. Then, the mofo’s (sorry, I love that word) swooped in and took half the Rights also. They sure showed an urgency to buy CCH shares. [Possible motivation? Imagine if Campbell is sitting on a copper resource at Corner Bay that is 5x bigger than the initial reports. I have posted several times that the entire 250 million pound resource of high grade copper at Corner bay is only from the first 1,200 feet of depth.] =============================================== The problem is that this new arithmetic would suggest that there are only 20-30 million shares that free trade. Not so. I think the “safety valve” (the thing that lowers the Institutional Number) is that some of the Institutional Holdings may in fact have been purchased through the Sprott private placement in May. For example, “RAB Special Situations” reported holding of 20 million shares and 9 million warrants. They held a position of 5 or 10 million shares for several years (see my earlier posts). They might have added the additional 10-15 million shares by buying into the Sprott private placement. I have written that I think “Sprott related Funds” bought most of this Sprott private placement. That doesn’t mean they bought every share. So the numbers might still add up. But on the other hand, that “free-trading” number might be lower than 70-80 million after all (just not as low as 20 million). Please confirm. Benson