By James Langton

(November 20 – 12:40 ET) – Perhaps one of the most interesting disclosures in the take-over circular from C.I. Fund Management Inc. for Mackenzie Financial Corp. is that C.I.’s chief executive, Bill Holland, made a tidy profit shorting Mackenzie stock this year.

According to the circular, Holland made a little more than $300,000 shorting Mackenzie earlier this year. First, he sold 50,000 shares at $24 in early June, covering most of the short later that month for about $22.

Holland made an even bigger bet in September, selling 136,300 shares, again at $24; covering most of those shares at $22.50.

C.I. itself picked up 750,000 shares of Mackenzie from February 15 to February 23 for prices ranging from $15 to $15.63. At the time, takeover rumors were circulating and Mackenzie issued a new release denying that it had any knowledge of the reason for recent share price increases.

AIM was rumoured as the buyer at the time. On February 28, C.I. sold its position at $18.54, and Mackenzie stock moved higher from there.

C.I, didn’t start buying Mackenzie shares again until October 16 when it picked up 50,000 shares at $18.50. On October 27 it bought 400,000 at the same price, on November 2 it bought a further 245,500 shares, and on November 3 it acquired 1.86 million shares at an average price of $22.26.