Ann: THICK HIGH-GRADE DRILL HITS CONTINUE AT SOUTHERN NIGHTS, page-27

HHM has had their holding in Peel since 2010. However Josh Pitt & his private companies have only had their substantial holding for a few years.

Of course none of us can say what would go through his mind at the time. However i have been surprised at times by what he has sold out for in the past. For instance he sold most of his Lionore shares many years ago around the $7 level. Less than 1 year later they then went on to be taken over by Norilsk for $CAD 27.50 or $AUD 31.00. 

I think when one has such a large holding in a tightly held stock it can be a double edged sword. Sure you can have a lot of bargaining power with a potential suitor. But you could also end up being a very large minority holder if a suitor gets enough stock to get control without your holding. Then you can end up at their mercy.