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Bullboard - Stock Discussion Forum Noranda Income Fund Unit NNDIF

Noranda Income Fund is a Canadian based income trust. The fund owns the electrolytic zinc processing facility and ancillary assets located in Salaberry-de-Valleyfield, Quebec. It produces refined zinc metal and by-products from sourced zinc concentrates. The fund's long-term objective is to maximize unitholder value and provide monthly distributions to unitholders.

OTCPK:NNDIF - Post Discussion

Noranda Income Fund Unit > New Flash report from TDW
View:
Post by JasonBilly on Jan 11, 2023 10:40am

New Flash report from TDW

I can't help wondering if the guys who wrote this were on Glencore's payroll, not TDW's:
. . . . . . .
Investor Group Voices Opposition to Glencore Bid
Steven Green, CFA
Luke Bertozzi, (Associate)
 
The group of activist Noranda Income Fund unitholders announced that they do not support the proposed transaction by Glencore.
 
. . . . . . .
The investor group believes the offer from Glencore undervalues Noranda, and that the board should attempt to identify alternatives that could deliver higher value to public unitholders. The investor group believes that this further supports the need to reconstitute the board of trustees.
 
. . . . . . .
This does not come as a surprise, with this group previously looking to replace the board of trustees. We expect that they will look to improve the offer, however, it is not clear how much leverage they will have given the uncertainty of the potential cellhouse replacement and lack of alternative bidders, in our view.
 
. . . . . . .
Recall, a group of Noranda investors who own approximately 22% of the outstanding priority units called for a special meeting to reconstitute the board of trustees.
 
The investor group proposes replacing all four Independent Trustees (there are seven trustees in total). The special meeting is set for March 28, 2023.
 
. . . . . . .
The group has nominated four Independent Directors. The nominees include Jean Pierre Ouellet and Barry Tissenbaum, CPA, who served as independent trustees of NIF from 2010 to 2020, as well as two nominees from substantial shareholders within the investor group.
 
Comment by ZincDink on Jan 11, 2023 12:19pm
He is the same cruddy analyst for TD. Now realize what a joke he is
Comment by schocor on Jan 11, 2023 12:33pm
I didnt think the reasearch note was that bad; not saying it provided any new info or insights either but the question about how much influence shareholders have here is a real one.  The riverstyx PR was able what I expected. A little bit of bravado (elect new directors) coupled with a little bit of an oli ve branch (do not suport bid in current form).  Lets be honest with ourselves ...more  
Comment by JCW on Jan 11, 2023 12:50pm
Good post Scho ....my thoughts as well... I am still wondering where a large number of units may be located. Seems to me that about 40% of the units are unaccounted for" and might play a role in the voting depending on whether they are concentrated or not ......just curious ....
Comment by Eric1212 on Jan 11, 2023 12:57pm
Why 2.25 $ ? That's a 112 500 000 $ Valuation. So you expecting that the potential of this business is an ebitda arround 12 M$ per year ? I often say 5 $ but still, this is ONLY 250 000 000 $ valuation or an ebitda of 25 M$ per year, not much, it's just that at 5 $ now, it's still not a realized potential...  But if we consider fully the potential, it's ...more  
Comment by schocor on Jan 11, 2023 1:14pm
Your question is a good one Eric; and to be honest I am not really sure how I can up with that figure.  Numbers are funny that way sometimes but I will try to examine my thinking.  Refurb (100M) +debt (130M) + equity (???) = total value of the smelter I bought this stock because I dont belivee the world can build anymore/many-more zinc smelters. Electricy cost and NIMBY my reasons for ...more  
Comment by wizthewiz on Jan 11, 2023 4:48pm
Eric, good to read you offerings here again. What you say makes make sense.
Comment by wizthewiz on Jan 11, 2023 7:29pm
Eric, good to read your offerings here again. What you say makes make sense. Good to have your perspective.
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