No, we're going to be diluted. Copper Fox is selling 8.8million and 1.15million (approximately) shares in order to raise the funds to then buy flow-through shares from Northern Fox. That dilutes Copper Fox but you could argue the shares just shift to Northern Fox which we own as well.

Then Northern Fox will buy Carmax flow-through shares and increase our overall ownership to 68.2% when fully diluted (or 65.4% undiluted.)

So, in essence we are diluting Copper Fox by 2.4% to gain 14.43% of Carmax (undiluted)?

They needed to put the PP through CUU because Northern Fox isn't trading. But, they needed to filter it through NF because it owns the Carmax shares. In order to utilize the flow-through shares Carmax does the work, NF claims the tax back which is also then claimed by CUU.

I have to assume that Elmer did this now because we are expecting the optimization information in January and he couldn't do anything once he knew how Teck wants to proceed. He must have thought that extra 14% or so was worth the dilution at this point.

I wonder what Carmax shareholders think of this? They are swiftly down substantially from when we started investing.