Paul Tepsich who is President of High Rock Capital Management announced in the following clip on BNN today that an activist shareholder has just acquired more than 10% of the Common shares of Connacher Oil & Gas. This will have to be reported on SEDAR by the end of this month.

If you go to SEDAR the last Alternative Report that was released was released on October 11th, 2011 at which time Fidelity Management & Research announced that it had just sold 37,045,522 Common Shares of Connacher which represented a decrease of 8.2303% of the outstanding Common Shares. It continued to state that "Fidelity holds 19,065,200 Common Shares representing approximately 4.2356% of the outstanding Common Shares of Connacher Oil & Gas Limited."

Fidelity Management & Research had been Connacher's largest shareholder up to this point so the question is did they repurchase a number of the shares that they sold in October to regain the position of being Connacher's largest shareholder having been the largest holder of Connacher's Common Shares for the last 3 or 4 years.

Go to 2:15 on the following clip to listen to Paul Tepsich: http://watch.bnn.ca/#clip598513

Any shareholder who owns more than 10% of the company as you know can call a special meeting of the Board and call for the Chairman, President, CEO & COO to be removed as well as replacing the current Board of Directors if they can ally themselves with a group of other large shareholders.

I doubt that Eric Nuttal still is holding the 13 million shares that he bought 2 months ago that he spoke of on BNN. His modus operendi is that he waits for the shares to go up 20 -30% and then he unloads them. I fully expect that he sold the shares as he announced the last time that he was on BNN that a good price to sell was 0.80 cents to 0.85 cents. The last time that he was on BNN he also failed to announce that he still retained any shares of Connacher in the Sprott Energy Fund. It also doesn't sound to me like West Face Capital holds the majority number of shares, but who knows? The positions of shareholder's over 10% have to be announced in an Alternative Report on SEDAR as well as in the Report at the end of the year which is sent out in advance of the Annual General Shareholders Meeting.

Cheers; Scott