Marlboro,

I highly doubt that shares being offered are "locked in" several months before. There are several disclosure rules that the tsx makes its member companies follow, including contractual obligations to offer future shares or derivatives (ie convertables etc.) A few months ago even the idea of offering shares to improve liquidity was probably being discussed, but it is hard to believe that connacher made obligations with underwriters or banks. Anyways, regardless of the circumstances a short position was very smart to have taken proir to the offer.