Cardinal Resources Limited. CRDNF

RE:The standoff continues, MMCAP may be the kingmaker.

[phoenix_trader]

Spartan's comment from the September MMCAP report.


The largest contributor to performance during the month was Cardinal Resources in the merger arbitrage book. A bidding war between Nord Gold and Shandong Gold continued to evolve during the month resulting in gains for the Fund. Nord Gold topped the existing $0.70 bid from Shandong with an A$0.90 bid. Shandong responded with a higher bid of A$1.00. The stock is now more than 100% higher than the original indicative Nord bid. A position in Jade Power Trust detracted from performance after a strategic review failed to generate an acceptable bid by the September deadline