CATACLYSM PAPERThe transaction is not approved by minority shareholders, but by major, corporate shareholders. This means that the 4 major shareholders: Oaktree Capital Management, L.P., Mudrich Capital Management, L.P., Cyrus Capital Partners, L.P. and Stonehill Capital Management, LLC (owning approximately 79% of the outstanding Common Shares are providing Catalyst Paper with a US$135 million, 5-years loan and become entitled to own 95% of CYT common shares. Catalyst Board of Directors is accepting that minority shareholders receive an aggregate of C$2.2 million or $0.50/share to take the company private, which is totally insane. Why did Catalyst Board of Directors has not decided to issue common shares for the US135 million loan? The May 23, 2016 Kejriwal International Group (KIG) proposal was to acquire the minority shares, not the one held by the Principal Securityholders in the amount of $6.00/share. 1.common shares would be acquired for C$6.00 per share, except those held by the Principal Securityholders which would be exchanged for interests in a new junior convertible term loan; 2.existing credit facilities would have their maturities extended, or be refinanced; 3.existing PIK toggle senior secured notes due October 2017 would be exchanged for interests in a new 5-year US$260.5 million term loan; 4.KGI would commit to equity investments on or after closing of (i) C$25 million in the Company and (ii) C$35 million in a newly formed guarantor of the new term loans entered into as part of the transaction; and 5.trade and other obligations would remain unaffected. Something is WRONG. How can Catalyst explain the benefit of a transaction by which minority shareholders receive $6.00/share and a few months later change their course of action and accept that these minority shareholders now receive $0.50/share.