Eacom Timber Corporation ETRFF

Is MMAM making a move for Eacom?

[stockking99]

April 08, 2013 18:02 ET

MM Asset Management Inc. Acquires Control Over Common Shares of EACOM Timber Corporation

 

 

TORONTO, ONTARIO--(Marketwired - April 8, 2013) - MM Asset Management Inc. ("MMAM") announced that one fund it manages and advises, MMCAP International Inc. SPC ("MMCAP"), has acquired 435,000 common shares ("Shares") of EACOM Timber Corporation ("EACOM") since a take-over bid for all of the outstanding Shares was filed by ET Acquisition Corporation, a corporation indirectly owned by funds managed by Kelso & Company, with the securities regulatory authorities on April 8, 2013. The Shares were acquired through the facilities of the TSX Venture Exchange.

MMCAP now beneficially owns and MMAM exercises control and direction over 32,154,998 Shares, representing approximately 6.71% of the outstanding Shares based on 478,880,000 outstanding Shares as of March 18, 2013 as per EACOM's Management Discussion and Analysis.

MMCAP has acquired such securities for investment purposes only. Depending on market conditions and other factors, MMCAP may from time to time acquire additional securities of EACOM or dispose of such securities in the open market, by private agreement or otherwise.

 

[whitewood]

I just read that article and Im not surprised. Interesting isnt

[J3X]

I'm sorry -- why exactly is it noteworthy that some firm bought 435 thousand shares of a company with 478 MILLION shares outstanding post the Kelso bid? Is buying 9 one-hundreths of a percent of shares outstanding really enough to make people think they're "making a move for Eacom"? I'd love for that to be the case, don't get me wrong. And heaven knows this company is

[whitewood]

Read the article one more time. They own 32,154,998 shares... or 6.71% of all outstanding shares they may try to get a better deal/ price directly with Kelso or they have something else in mind.   WW

[J3X]

I do not need to read it one more time. The fact that they owned 6.7% was not lost on me - what was lost on me was the significance of them adding less than a tenth of a percent to that after the bid came in. That tells me only that they think that the odds favor either a deal at 38 cents succeeding or a possible higher bid coming in. But that is what we all think, because it is a low ball bid. If

[whitewood]

Who's exited !!!!    Like you  we are just  trying to figure out what that move means . What it is !  dont know and to my knowledge they had no obligation to declare that last move and to make it known.