Noranda Income Fund Unit NNDIF

Todays PR - Contracts and Terms

[schocor]

Todays PR largely reflects the talking points that the independant directors notes to me on the call earlier in the week; I encourage everybody to reach out to kingsway to set up you own call. 

Of note, MANY of the options explored by the "independant trustees" centered around contractual terms. This points to the fact that as a shareholder I have no idea what these terms ARE, but the independant directors clearly noted it as a problem. 

GLencore does alsot of things on unitholders behalf; as the PR noted finished goods trading, concentrate sourcing are two major tasks. However, if the terms of thes deals are onerous to shareholders....well we will never know. We have to deduce from financial statements what the contractual North American premium is that we are getting - ditto for copper and sulphuric acid production. 

Glencore, in this PR today, is noting that the unit holder structure (still an income fund) limits the funds availability to raise capital. Well...CHANGE THE UNIT HOLDER STRUCTURE. duh. 

GLencore "scare PR" today just again points to the fact that we need independant directors to get on the board and actually tells us what is giong on. We re-negotiate an offtake/sales agreement in May (or get paid spot TCF's if we dont). Maybe we will get some insight then - but we need to elect new directors. FIRST. 

GLencore wont scare me out of my shares.

[Eric1212]

There is so many things doable.. And yes, changing the structure from a fund to a compagny is one of them... Making a end to the current contract regarding the article 77 of the competition act is an other one. Replacing the executives is an other one. Buy futures on the maket and get delivery is something too instead of buying from somes specific providers is somehting available. Regarding

[JCW]

It is hard to believe that GC can get away with such unscrupulous behaviour ... their actions and rhetoric is always slanted toward their own interest and at the expense of the other unitholders ...  Very much hope that the objecting unitholders have identified and can rally the support of the (large) remaining unitholders to replace the existing board members. Their meagre  efforts to

[rjb1954]

Who is conducting the shareholder vote, and how do we know it will be fair?

[schocor]

LIkely computershare will conduct the votes.  Yes Glencore is shady, but you honestly dont need to worry about the vote count. It will be conducted failrly and independently.